[F1357XCInvestment managementU.K.
This section has no associated Explanatory Notes
(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).]
Textual Amendments
F1Pt. 8B inserted (with effect in accordance with s. 5 of the amending Act) by Corporation Tax (Northern Ireland) Act 2015 (c. 21), s. 1