Marginal Citations
M1Source—1986 c. 60 Sch. 7 Pts. II—IV.
1Investments specified in any of the following paragraphs of this Part of this Schedule are qualifying investments for the purposes of section 506.
2Any investment falling within Part I, Part II, apart from paragraph 13 (mortgages etc.) or Part III of Schedule 1 to the M2Trustee Investments Act 1961.
Marginal Citations
3Any investment in a common investment fund established under section 22 of the M3Charities Act 1960 [F1, section 24 of the Charities Act 1993] or section 25 of the M4Charities Act (Northern Ireland) 1964 or in any similar fund established for the exclusive benefit of charities by or under any enactment relating to any particular charities or class of charities.
Textual Amendments
F1Words in Sch. 20 para. 3 inserted (1.8.1993) by 1993 c. 10, ss. 98(1), 99(1), Sch. 6 para. 25(a)
Marginal Citations
[F23A Any investment in a common deposit fund established under section 22A of the Charities Act 1960 [F3or section 25 of the Charities Act 1993] or in any similar fund established for the exclusive benefit of charities by or under any enactment relating to any particular charities or class of charities.]
Textual Amendments
F2Sch. 20 para. 3A inserted (1.9.1992) by Charities Act 1992 (c. 41), s. 78(1), Sch. 6 para. 17; S.I. 1992/1900, art. 2(1), Sch. 1
F3Words in Sch. 20 para. 3A inserted (1.8.1993) by 1993 c. 10, ss. 98(1), 99(1), Sch. 6 para. 25(b)
4Any interest in land, other than an interest held as security for a debt of any description.
5Shares in, or securities of, a company which are [F4listed] on a recognised stock exchange, or which are dealt in on the Unlisted Securities Market.
Textual Amendments
F4Word in Sch. 20 para. 5 substituted (with effect in accordance with Sch. 38 para. 6(11) of the amending Act) by Finance Act 1996 (c. 8), Sch. 38 para. 6(1)(2)(l)
6Units, or other shares of the investments subject to the trusts, of a unit trust scheme within the meaning [F5given by section 237(1) of the Financial Services and Markets Act 2000].
Textual Amendments
F5Words in Sch. 20 para. 6 substituted (1.12.2001 in accordance with art. 1(2)(a) of the amending S.I.) by The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629), art. 50
6AShares in an open-ended investment company.
7(1)Deposits with [F6a bank] in respect of which interest is payable at a commercial rate.
(2)A deposit mentioned in sub-paragraph (1) above is not a qualifying investment if it is made as part of an arrangement under which a loan is made by the authorised institution to some other person.
[F7(3)In this paragraph “bank” has the meaning given by section 840A.]
Textual Amendments
F6Words in Sch. 20 para. 7(1) substituted (with application in accordance with Sch. 37 para. 10 of the amending Act) by Finance Act 1996 (c. 8), Sch. 37 para. 5)
F7Sch. 20 para. 7(3) inserted (with application in accordance with Sch. 37 para. 10 of the amending Act) by Finance Act 1996 (c. 8), Sch. 37 para. 2(3)
7AUncertificated eligible debt security units as defined in section 552(2) of ITTOIA 2005.
8Certificates of deposit as defined [F8for corporation tax purposes in section 56(5) above and for income tax purposes in section 552(2) of ITTOIA 2005].
Textual Amendments
F8Words in Sch. 20 para. 8 substituted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by virtue of Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 347(3) (with Sch. 2)
9(1)Any loan or other investment as to which the Board are satisfied, on a claim made to them in that behalf, that the loan or other investment is made for the benefit of the charity and not for the avoidance of tax (whether by the charity or any other person).
(2)The reference in sub-paragraph (1) above to a loan includes a loan which is secured by a mortgage or charge of any kind over land.