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Corporation Tax Act 2010
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Changes over time for: Section 357LJ
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- 26/03/2015- Amendment
- 24/02/2022
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Corporation Tax Act 2010, Section 357LJ is up to date with all changes known to be in force on or before 07 November 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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[F1357LJInvestment managers: disregard of certain chargeable profitsU.K.
This section has no associated Explanatory Notes
(1)This section applies if—
(a)an investment manager carries out one or more investment transactions on behalf of a company (whether or not the investment manager also carries out other transactions of any kind on behalf of the company), and
(b)the investment manager falls to be treated as a NIRE of the company (whether because the independent investment manager conditions are not met in relation to such investment transactions or otherwise).
(2)In determining under Chapter 7 of this Part the amount of profits attributable to the NIRE represented by the investment manager acting as an agent on behalf of the company, chargeable profits deriving from an investment transaction carried out by the investment manager on behalf of the company are to be disregarded in either of the following two cases—
Case 1 The independent investment manager conditions are met in relation to the investment transaction.
Case 2 The independent investment manager conditions, other than Condition D in section 357LD(6) (the 20% rule), are met in relation to the investment transaction.
(3)But if case 2 applies in relation to the investment transaction, chargeable profits deriving from the transaction are to be disregarded only to the extent that they do not represent relevant disregarded income of the company to which the investment manager or a person connected with the investment manager has or has had any beneficial entitlement.
(4)In subsection (3) “relevant disregarded income” and “beneficial entitlement” have the meanings given in section 357LF.]
Textual Amendments
F1Pt. 8B inserted (with effect in accordance with s. 5 of the amending Act) by Corporation Tax (Northern Ireland) Act 2015 (c. 21), s. 1
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