PART 8B Trading profits taxable at the Northern Ireland rate

CHAPTER 17 Excluded trades, excluded activities and back-office activities

Excluded trades

357XC Investment management
(1) A trade is an “excluded trade” if it consists of or includes portfolio management, or risk management, in relation to—
(a) a UCITS, or
(b) an AIF.
(2) In subsection (1)—
(a) “UCITS” has the meaning given in Article 1.2 of Directive 2009/65/EC of the European Parliament and of the Council;
(b) “AIF” has the meaning given in regulation 3 of the Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773).
Pt. 8B inserted (with effect in accordance with s. 5 of the amending Act) by Corporation Tax (Northern Ireland) Act 2015 (c. 21), s. 1