(1)For the purposes of the Corporation Tax Acts a company is an “investment trust” with respect to an accounting period if—
(a)conditions A to C are met throughout the period, and
(b)the company is approved for the period by the Commissioners for Her Majesty's Revenue and Customs (see section 1159).
(2)Condition A is that [F2all, or substantially all, of the business of the company is] investing its funds in shares, land or other assets with the aim of spreading investment risk and giving members of the company the benefit of the results of the management of its funds.
(3)Condition B is that the shares making up the company's ordinary share capital (or, if there are such shares of more than one class, those of each class) are admitted to trading on a regulated market.
(4) For this purpose “regulated market” has the same meaning as in [F3Directive 2014/65/EU] of the European Parliament and of the Council on markets in financial instruments (see [F4Article 4.1.21]).
(5)Condition C is that the company is not—
(a)a venture capital trust (within the meaning of Part 6 of ITA 2007), or
(b) a company UK REIT (within the meaning of Part 12 of this Act).
(6)The Treasury may by regulations provide—
(a)for one or both of conditions A and B to be treated as met in the cases, and subject to any conditions, specified in the regulations, and
(b)for the period for which the condition or conditions are treated as met.
(7)The Treasury may also by regulations amend subsection (3) or (4).
(8)A statutory instrument containing the first regulations under subsection (6) may not be made unless a draft of the instrument has been laid before and approved by a resolution of the House of Commons.
(9)Any other statutory instrument containing regulations under this section is subject to annulment in pursuance of a resolution of the House of Commons.]
Textual Amendments
F1S. 1158 substituted (with effect in accordance with s. 49(6) of the amending Act) by Finance Act 2011 (c. 11), s. 49(2); S.I. 2011/2977, art. 2
F2Words in s. 1158(2) substituted (with effect in accordance with s. 45(2) of the amending Act) by Finance Act 2013 (c. 29), s. 45(1)
F3Words in s. 1158(4) substituted (29.6.2017 for specified purposes, 3.7.2017 for specified purposes, 31.7.2017 for specified purposes, 3.1.2018 in so far as not already in force) by The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 (S.I. 2017/701), reg. 1(2)(3)(4)(6), Sch. 4 para. 12(a) (with reg. 7)
F4Words in s. 1158(4) substituted (29.6.2017 for specified purposes, 3.7.2017 for specified purposes, 31.7.2017 for specified purposes, 3.1.2018 in so far as not already in force) by The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 (S.I. 2017/701), reg. 1(2)(3)(4)(6), Sch. 4 para. 12(b) (with reg. 7)