Charities Act 2006

23 Participation of Scottish and Northern Irish charities in common investment schemes etc.

(1) After section 24(3) of the 1993 Act (common investment schemes) insert—

“(3A) A common investment scheme may provide for appropriate bodies to be admitted to participate in the scheme (in addition to the participating charities) to such extent as the trustees appointed to manage the fund may determine.

(3B) In this section “appropriate body” means—

(a) a Scottish recognised body, or

(b) a Northern Ireland charity,

and, in the application of the relevant provisions in relation to a scheme which contains provisions authorised by subsection (3A) above, “charity” includes an appropriate body.

• “The relevant provisions” are subsections (1) and (4) to (6) and (in relation only to a charity within paragraph (b)) subsection (7).”

(2) In section 25(2) of that Act (application of provisions of section 24 to common deposit funds) for “subsections (2) to (4)” substitute “subsections (2), (3) and (4)”.

(3) At the end of section 25 add—

“(4) A common deposit scheme may provide for appropriate bodies to be admitted to participate in the scheme (in addition to the participating charities) to such extent as the trustees appointed to manage the fund may determine.

(5) In this section “appropriate body” means—

(a) a Scottish recognised body, or

(b) a Northern Ireland charity,

and, in the application of the relevant provisions in relation to a scheme which contains provisions authorised by subsection (4) above, “charity” includes an appropriate body.

(6) “The relevant provisions” are—

(a) subsection (1) above, and

(b) subsections (4) and (6) of section 24 above, as they apply in accordance with subsections (2) and (3) above, and

(c) (in relation only to a charity within subsection (5)(b) above) subsection (7) of that section, as it so applies.”

(4) After section 25 insert—

“25A Meaning of “Scottish recognised body” and “Northern Ireland charity” in sections 24 and 25

(1) In sections 24 and 25 above “Scottish recognised body” means a body—

(a) established under the law of Scotland, or

(b) managed or controlled wholly or mainly in or from Scotland,

to which the Commissioners for Her Majesty’s Revenue and Customs have given intimation, which has not subsequently been withdrawn, that relief is due under section 505 of the Income and Corporation Taxes Act 1988 in respect of income of the body which is applicable and applied to charitable purposes only.

(2) In those sections “Northern Ireland charity” means an institution—

(a) which is a charity under the law of Northern Ireland, and

(b) to which the Commissioners for Her Majesty’s Revenue and Customs have given intimation, which has not subsequently been withdrawn, that relief is due under section 505 of the Income and Corporation Taxes Act 1988 in respect of income of the institution which is applicable and applied to charitable purposes only.”

(5) In section 100(4) of the 1993 Act (provisions extending to Northern Ireland) for “extends” substitute “and sections 24 to 25A extend”.