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Taxation of Chargeable Gains Act 1992, Section 210C is up to date with all changes known to be in force on or before 17 October 2024. 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.
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(1)Section 18(3) does not apply in relation to a loss accruing on the disposal by an insurance company of authorised investment fund assets to the manager of the authorised investment fund.
(2)In this section—
“authorised investment fund assets” means assets [F2held by the company for the purposes of its long-term business that consist of][F3—
rights under an authorised unit trust,
rights under an authorised contractual scheme which is a co-ownership scheme, or
shares in an open-ended investment company,]
“the manager of the authorised investment fund” means—
in the case of an authorised unit trust, the person who is the manager of the unit trust scheme for the purposes of Chapter 3 of Part 17 of the Financial Services and Markets Act 2000, F4...
[F5in the case of an authorised contractual scheme which is a co-ownership scheme, means the person who is the operator of the scheme for the purposes of that Part, and]
in the case of an open-ended investment company, a director or other person having responsibility for the management of its scheme property, and
“open-ended investment company” means a company incorporated in the United Kingdom to which section 236 of the Financial Services and Markets Act 2000 applies.]
Textual Amendments
F1S. 210C inserted (with effect in accordance with Sch. 10 para. 17(4) of the amending Act) by Finance Act 2007 (c. 11), Sch. 10 para. 3
F2Words in s. 210C(2) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 82
F3Words in s. 210C(2) substituted (with effect in accordance with reg. 1(2) of the amending S.I.) by The Collective Investment Schemes and Offshore Funds (Amendment of the Taxation of Chargeable Gains Act 1992) Regulations 2017 (S.I. 2017/1204), regs. 1(1), 7(a)
F4Word in s. 210C(2) omitted (with effect in accordance with reg. 1(2) of the amending S.I.) by virtue of The Collective Investment Schemes and Offshore Funds (Amendment of the Taxation of Chargeable Gains Act 1992) Regulations 2017 (S.I. 2017/1204), regs. 1(1), 7(b)(i)
F5Words in s. 210C(2) inserted (with effect in accordance with reg. 1(2) of the amending S.I.) by The Collective Investment Schemes and Offshore Funds (Amendment of the Taxation of Chargeable Gains Act 1992) Regulations 2017 (S.I. 2017/1204), regs. 1(1), 7(b)(ii)
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