An investment is an approved charitable investment for the purposes of section 543 (meaning of “non-charitable expenditure”) if it is an investment of any of the following types.

• Type 1

  An investment to which section 559 applies.

• Type 2

  An investment in a common investment fund established under—

  1. a

     section 22 of the Charities Act 1960 (c. 58),

  2. b

     section 24 of the Charities Act 1993 (c. 10),

  3. bb

     F1section 96 of the Charities Act 2011, or

  4. c

     section 25 of the Charities Act (Northern Ireland) 1964.

• Type 3

  An investment in a common deposit fund established under—

  1. a

     section 22A of the Charities Act 1960, F2...

  2. b

     section 25 of the Charities Act 1993 F3or

  3. c

     section 100 of the Charities Act 2011.

• Type 4

  An investment in a fund which—

  1. a

     is similar to a fund mentioned in relation to Type 2 or 3, and

  2. b

     is established for the exclusive benefit of charities by or under a provision relating to any particular charities or class of charities contained in an Act.

• Type 5

  An interest in land, other than an interest held as security for a debt.

• Type 6

  Any of the following issued by Her Majesty's Government in the United Kingdom—

  1. a

     bills,

  2. b

     Certificates of Tax Deposit,

  3. c

     Savings Certificates, and

  4. d

     Tax Reserve Certificates.

• Type 7

  Northern Ireland Treasury Bills.

• Type 8

  Units in a unit trust scheme (as defined in section 237(1) of FISMA 2000) or in a recognised scheme (as defined in section 237(3) of FISMA 2000).

  “Units” is defined in section 237(2) of FISMA 2000.

• Type 9

  A deposit with a bank (as defined in section 991)—

  1. a

     in respect of which interest is payable at a commercial rate, and

  2. b

     which is not made as part of an arrangement under which a loan is made by the bank to some other person.

• Type 10

  A deposit with—

  1. a

     the National Savings Bank,

  2. b

     a building society, or

  3. c

     a credit institution which operates on mutual principles and which is authorised by an appropriate governmental body in the territory in which the deposit is taken.

• Type 11

  Certificates of deposit (including uncertificated eligible debt security units as defined in section 986(3)).

• Type 12

  A loan or other investment as to which an officer of Revenue and Customs is satisfied, on a claim, that it is made for the benefit of the charitable trust and not for the avoidance of tax (whether by the trust or any other person).