- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Gwreiddiol (a wnaed Fel)
Dyma’r fersiwn wreiddiol (fel y’i gwnaed yn wreiddiol). This item of legislation is currently only available in its original format.
(This note is not part of the Order)
Paragraph 4 of Schedule 10 to the Finance Act 1996 (“Schedule 10”) makes provision relating to the taxation of a company’s loan relationships in cases where the company holds rights under a unit trust scheme or any relevant interest in an offshore fund in an accounting period and the scheme or fund fails to satisfy “the non-qualifying investments test” at any time in that period.
Paragraph 8 of Schedule 10 (“paragraph 8”) defines the non-qualifying investments test by reference to whether at any time in the accounting period the market value of the qualifying investments of the scheme or fund exceeds 60 per cent. of the market value of all the investments of the scheme or fund. Sub-paragraph (2) of paragraph 8 defines “qualifying investments” and sub-paragraph (8) of that paragraph enables the Treasury by order to amend the paragraph so as to extend or restrict the descriptions in sub-paragraph (2) of investments that are qualifying investments. Paragraph 9(1) of Schedule 10 enables the Treasury to make supplemental provisions in an order made under any provision of the Schedule.
This Order amends paragraph 8 so as to extend the descriptions of investments that are qualifying investments to include “qualifying holdings” in an open-ended investment company incorporated in the United Kingdom. The Order makes other amendments to paragraph 8 defining qualifying holdings in, and investments of, an open-ended investment company, the meaning of“open-ended investment company” and other relevant expressions.
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