(1)This Chapter provides for the Corporation Tax Acts to apply in some circumstances to holdings in open-ended investment companies, unit trust schemes and offshore funds as if they were rights under a creditor relationship (see section 490).
(2)That treatment depends on the company, scheme or fund failing the qualifying investments test.
(3)Sections 493 to 496 deal with when that test is met.
(4)For the meaning of “open-ended investment company” and “offshore fund” in this Chapter, see sections 488 and 489 respectively.
(1)Section 468A(2) and (3) of ICTA (meaning of “open-ended investment company” and “company” and application to parts of umbrella companies) apply for the purposes of this Chapter as they apply for the purposes of section 468A of that Act.
(2)In this Chapter “umbrella company” has the meaning given by section 468A(4) of ICTA.
Sections 40A to 40G of FA 2008 (meaning of “offshore fund” and application to parts of umbrella funds and classes of interests in offshore funds) apply for the purposes of this Chapter as they apply for the purposes of sections 40A to 42A of that Act.]
Textual Amendments
F1Words in s. 489 substituted (with effect in accordance with art. 1(2)(3) Sch. 1 of the amending S.I.) by The Offshore Funds (Tax) Regulations 2009 (S.I. 2009/3001), regs. 1(1), 131(2)