The Investment Trust (Approved Company) (Tax) Regulations 2011

PART 1 Introductory and General Provisions

Citation, commencement and effect

1.—(1) These Regulations may be cited as the Investment Trust (Approved Company) (Tax) Regulations 2011 and come into force on 1 January 2012.

(2) Subject to paragraph (3), these Regulations have effect in relation to accounting periods beginning on or after 1 January 2012.

(3) Regulations 43, 45 and 46 have effect in relation to disposals made on or after 1 January 2012.

Structure of these Regulations

2.  The structure of these Regulations is as follows—

• This Part contains introductory and general provisions;

• Part 2 contains the following provisions about investment trusts—

• Chapter 1 deals with applications for approval as an investment trust,

• Chapter 2 deals with cases where the eligibility conditions are treated as being met,

• Chapter 3 deals with the requirements to be met by investment trusts whilst approved,

• Chapter 4 deals with breaches of the requirements to be met by investment trusts and subsequent withdrawal of approval,

• Chapter 5 deals with an approved company treating itself as not being an investment trust;

• Part 3 contains provisions about transactions by investment trusts which are treated as entered into otherwise than in the course of a trade; and

• Part 4 contains provisions about investment trusts having interests in offshore non-reporting funds and index tracking funds, and makes consequential provision.

Interpretation

3.—(1) In these Regulations—

“company tax return” has the same meaning as in paragraph 3(1) of Schedule 18 to the Finance Act 1998(1),

“CTA 2009” means the Corporation Tax Act 2009(2),

“CTA 2010” means the Corporation Tax Act 2010(3),

“the Offshore Funds Regulations” means the Offshore Funds (Tax) Regulations 2009(4),

“tribunal” means the First-tier Tribunal or, where determined by or under Tribunal Procedure Rules, the Upper Tribunal.

(2) For the purposes of these Regulations the market value of any asset is to be determined in a like manner as it would be determined for the purposes of the Taxation of Chargeable Gains Act 1992(5).

(1)

1998 c. 36. Paragraph 3 of Schedule 18 was amended by paragraphs 380 and 385 of Schedule 1 to the Income Tax Act 2007 (c. 3) and paragraph 68(a) of Schedule 4 to the Commissioners of Revenue and Customs Act 2005 (c. 11).

(2)

2009 c. 4.

(3)

2010 c. 4.

(4)

S.I. 2009/3001, amended by S.I. 2009/3139, 2010/294, 2011/244, 2011/1211 and 2011/2192.

(5)

1992 c. 12.