(1)This Chapter provides for the Corporation Tax Acts to apply in some circumstances to holdings in open-ended investment companies, unit trust schemes and offshore funds as if they were rights under a creditor relationship (see section 490).
(2)That treatment depends on the company, scheme or fund failing the qualifying investments test.
(3)Sections 493 to 496 deal with when that test is met.
(4)For the meaning of “open-ended investment company” and “offshore fund” in this Chapter, see sections 488 and 489 respectively.
(1)[F1Sections 613 and 615(3) of CTA 2010] (meaning of “open-ended investment company” and “company” and application to parts of umbrella companies) apply for the purposes of this Chapter as they apply for the purposes of [F2Chapter 2 of Part 13 of that Act].
(2)In this Chapter “umbrella company” has the meaning given by [F3section 615 of CTA 2010].
Textual Amendments
F1Words in s. 488(1) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 627(2)(a) (with Sch. 2)
F2Words in s. 488(1) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 627(2)(b) (with Sch. 2)
F3Words in s. 488(2) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 627(3) (with Sch. 2)
[F5Sections 355 to 363 of TIOPA 2010] (meaning of “offshore fund” and application to parts of umbrella funds and classes of interests in offshore funds) apply for the purposes of this Chapter as they apply for the purposes of [F6Part 8] of that Act.]
Textual Amendments
F4Words in s. 489 substituted (with effect in accordance with art. 1(2)(3) Sch. 1 of the amending S.I.) by The Offshore Funds (Tax) Regulations 2009 (S.I. 2009/3001), regs. 1(1), 131(2)
F5Words in s. 489 substituted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 8 para. 172(a) (with Sch. 9 paras. 1-9, 22)
F6Words in s. 489 substituted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 8 para. 172(b) (with Sch. 9 paras. 1-9, 22)