49 Meaning of “investment trust”
Finance Act 2011 (2011 c 11) | Legislation

Investment trusts

49  Meaning of “investment trust”

(1)     Chapter 4 of Part 24 of CTA 2010 (investment trusts) is amended as follows.

(2)     For section 1158 (meaning of “investment trust” in the Corporation Tax Acts) substitute—

“1158 Meaning of “investment trust”

(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 the business of the company consists of 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

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