SCHEDULES
SCHEDULE 30 Investments in housing
Investments in housing by investment trusts
2
1
Section 842 of the Taxes Act 1988 (investment trusts) shall be amended as follows.
2
In subsection (1) (conditions as to a company’s income for approval as an investment trust)—
a
in paragraph (a), for “derived wholly or mainly from shares or securities” there shall be substituted “
consists wholly or mainly of eligible investment income
”
; and
b
in paragraph (e), for “the income it derives from shares or securities” there shall be substituted “
its eligible investment income
”
.
3
After that subsection there shall be inserted the following subsection—
1AA
Income is eligible investment income for the purposes of this section in so far as it is either—
a
income deriving from shares or securities, or
b
eligible rental income, within the meaning of section 508A.