Version Superseded: 17/07/2013
Point in time view as at 31/01/2013. This version of this provision has been superseded.
Corporation Tax Act 2010, Section 1158 is up to date with all changes known to be in force on or before 04 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
(1)For the purposes of the Corporation Tax Acts a company is an “investment trust” with respect to an accounting period if—
(a)conditions A to C are met throughout the period, and
(b)the company is approved for the period by the Commissioners for Her Majesty's Revenue and Customs (see section 1159).
(2)Condition A is that the business of the company consists of investing its funds in shares, land or other assets with the aim of spreading investment risk and giving members of the company the benefit of the results of the management of its funds.
(3)Condition B is that the shares making up the company's ordinary share capital (or, if there are such shares of more than one class, those of each class) are admitted to trading on a regulated market.
(4) For this purpose “ regulated market ” has the same meaning as in Directive 2004/39/ EC of the European Parliament and of the Council on markets in financial instruments (see Article 4.1(14)).
(5)Condition C is that the company is not—
(a)a venture capital trust (within the meaning of Part 6 of ITA 2007), or
(b) a company UK REIT (within the meaning of Part 12 of this Act).
(6)The Treasury may by regulations provide—
(a)for one or both of conditions A and B to be treated as met in the cases, and subject to any conditions, specified in the regulations, and
(b)for the period for which the condition or conditions are treated as met.
(7)The Treasury may also by regulations amend subsection (3) or (4).
(8)A statutory instrument containing the first regulations under subsection (6) may not be made unless a draft of the instrument has been laid before and approved by a resolution of the House of Commons.
(9)Any other statutory instrument containing regulations under this section is subject to annulment in pursuance of a resolution of the House of Commons.]
Textual Amendments
F1S. 1158 substituted (with effect in accordance with s. 49(6) of the amending Act) by Finance Act 2011 (c. 11), s. 49(2); S.I. 2011/2977, art. 2
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
Mae’r holl gynnwys ar gael dan Drwydded Llywodraeth Agored v3.0 ac eithrio ble nodir yn wahanol. Yn ychwanegol mae’r safle hwn â chynnwys sy’n deillio o EUR-Lex, a ailddefnyddiwyd dan delerau Penderfyniad y Comisiwn 2011/833/EU ar ailddefnyddio dogfennau o sefydliadau’r UE. Am ragor o wybodaeth gweler ddatganiad cyhoeddus Swyddfa Gyhoeddiadau’r UE ar ailddefnyddio.
