[F1 PART 8B U.K. Trading profits taxable at the Northern Ireland rate

Textual Amendments

F1 Pt. 8B inserted (with effect in accordance with s. 5 of the amending Act) by Corporation Tax (Northern Ireland) Act 2015 (c. 21), s. 1

CHAPTER 17 U.K. Excluded trades, excluded activities and back-office activities

Excluded trades U.K.

357XC Investment management U.K.

(1) A trade is an “excluded trade” if it consists of or includes portfolio management, or risk management, in relation to—

(a) a UCITS, or

(b) an AIF.

(2) In subsection (1)—

[F2 (a) “UCITS” means—

(i) a UCITS within the meaning given by section 236A of the Financial Services and Markets Act 2000; or

(ii) an undertaking established in Gibraltar which is a UCITS under the law of Gibraltar which implemented Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities;]

(b) “AIF” has the meaning given in regulation 3 of the Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773).]

Textual Amendments

F2 S. 357XC(2)(a) substituted (31.12.2020) by The Taxes (Amendments) (EU Exit) Regulations 2019 (S.I. 2019/689), regs. 1, 17(6) (with regs. 39-41); 2020 c. 1, Sch. 5 para. 1(1)