20. In these Regulations “qualifying investments”, in relation to an authorised investment fund, means the investments of that fund which fall within any of the following categories (read, as appropriate, with any applicable provision in regulation 21)—
Category 1
Money placed at interest.
Category 2
Securities.
Category 3
Shares in a building society.
Category 4
Qualifying units in another authorised investment fund.
[F1Category 4A
Qualifying units in an offshore fund.]
Category 5
Derivative contracts whose underlying subject matter consists wholly of any one or more of the matters referred to in categories 1 to [F24A] and currency.
Category 6
Contracts for differences whose underlying subject matter consists wholly of any one or more of interest rates, creditworthiness and currency.
Category 7
Derivative contracts not within categories 5 or 6 where there is a hedging relationship between the derivative contract and an asset within categories 1 to [F24A].
Category 8
Alternative finance arrangements.
Textual Amendments
F1Words in reg. 20 inserted (with effect in accordance with reg. 1(3) of the amending S.I.) by The Authorised Investment Funds (Tax) (Amendment) Regulations 2010 (S.I. 2010/294), regs. 1(1), 10
F2Word in reg. 20 substituted (with effect in accordance with reg. 1(2) of the amending S.I.) by The Authorised Investment Funds (Tax) (Amendment No. 2) Regulations 2011 (S.I. 2011/2192), regs. 1(1), 5