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Finance Act 2016

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This is the original version (as it was originally enacted).

36Disguised investment management fees

(1)Section 809EZA of ITA 2007 (disguised investment management fees: charge to income tax) is amended as specified in subsections (2) and (3).

(2)In subsection (3)—

(a)in paragraph (a), for “performs” substitute “at any time performs or is to perform”;

(b)omit paragraph (b);

(c)in paragraph (c), for “the scheme” substitute “an investment scheme”.

(3)After subsection (6) insert—

(7)The reference in subsection (6)(a) to a collective investment scheme includes—

(a)arrangements which permit an external investor to participate in investments acquired by the collective investment scheme without participating in the scheme itself, and

(b)arrangements under which sums arise to an individual performing investment management services in respect of the collective investment scheme without those sums arising from the scheme itself.

(4)In section 809EZE of that Act (interpretation), in subsection (1), in paragraph (a) of the definition of “external investor”, for “performs” substitute “at any time performs or is to perform”.

(5)The amendments made by this section have effect in relation to sums arising on or after 6 April 2016 (whenever the arrangements under which the sums arise were made).

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