Corporation Tax Act 2010

512 Securities which are approved charitable investments U.K.

(1) The investments to which this section applies are investments in securities—

(a) issued or guaranteed by [F1 Her Majesty’s Government in the United Kingdom or by] the government of a member State of the European Union,

(b) issued or guaranteed by the government or a governmental body of any territory or part of a territory,

(c) issued by an international entity listed in the Annex to Council Directive 2003/48/EC (directive on taxation of interest payments),

(d) issued by an entity meeting the four criteria set out at the end of that Annex,

(e) issued by a building society,

(f) issued by a credit institution which operates on mutual principles and which is authorised by an appropriate governmental body in the territory in which the securities are issued,

(g) issued by an open-ended investment company,

(h) issued by a company and listed on a recognised stock exchange, or

(i) issued by a company but not listed on a recognised stock exchange.

(2) Subsection (1) is subject to section 513.

(3) In this section and in section 513—

• “debentures” includes—

  (a)

  debenture stock and bonds (whether constituting a charge on assets or not), and

  (b)

  loan stock or notes,

• “open-ended investment company” is to be read in accordance with sections 613 and 615,

• “securities” includes shares and debentures, and

• “shares” includes stocks.

Textual Amendments

F1 Words in s. 512(1)(a) inserted (31.12.2020) by The Taxes (Amendments) (EU Exit) Regulations 2019 (S.I. 2019/689), regs. 1, 17(7) (with regs. 39-41); 2020 c. 1, Sch. 5 para. 1(1)