Part 24U.K.Corporation Tax Acts definitions etc

Chapter 2U.K.Permanent establishments

Modifications etc. (not altering text)

C1Pt. 24 Ch. 2 applied by 2007 c. 3, s. 1007A (as inserted (with effect in accordance with Sch. 2 paras. 7(3), 8 of the amending Act) by Finance (No. 3) Act 2010 (c. 33), Sch. 2 para. 3(3); S.I. 2011/662, art. 2)

Investment managersU.K.

1148Section 1147: interpretationU.K.

(1)This section applies for the purposes of section 1147.

(2)A “qualifying period” means—

(a)the accounting period of the non-UK resident company in which the transaction in question is carried out, or

(b)a period of not more than 5 years comprising two or more complete accounting periods including that one.

(3)The “relevant disregarded income” of the non-UK resident company for a qualifying period is the total of the non-UK resident company's income for the accounting periods comprised in the qualifying period which derives from transactions—

(a)carried out by the investment manager on the non-UK resident company's behalf, and

(b)in relation to which the investment manager does not (apart from the requirements of the 20% rule) fall to be treated as a permanent establishment of the company.

(4)A person has a “beneficial entitlement” to relevant disregarded income if the person has or may acquire a beneficial entitlement that is, or would be, attributable to the relevant disregarded income as a result of having an interest or other rights mentioned in subsection (5).

(5)The interests and rights referred to in subsection (4) are—

(a)an interest (whether or not an interest giving a right to an immediate payment of a share in the profits or gains) in property in which the whole or any part of the relevant disregarded income is represented, or

(b)an interest in, or other rights in relation to, the non-UK resident company.