xmlns:atom="http://www.w3.org/2005/Atom"

  1. Introductory Text

  2. PART 1 Introductory and General Provisions

    1. 1.Citation, commencement and effect

    2. 2.Structure of these Regulations

    3. 3.Interpretation

  3. PART 2 Investment Trusts

    1. CHAPTER 1 Application procedure

      1. 4.Interpretation

      2. 5.Application for approval as an investment trust

      3. 6.Contents of application

      4. 7.Contents of application: accounting period not commenced at time of application

      5. 8.Contents of application: shares not admitted to trading at time of application

      6. 9.Form, timing and withdrawal of application

      7. 10.Response by Commissioners to application

      8. 11.Appeal against rejection of the application

      9. 12.Effect of acceptance of application

      10. 13.Acceptance of application conditional on receipt of specified information

    2. CHAPTER 2 Cases where eligibility conditions treated as being met

      1. 14.Delay in admission of company’s ordinary share capital to trading on a regulated market

      2. 15.Winding up of company approved as investment trust

      3. 16.Winding up of company approved as investment trust – further conditions

    3. CHAPTER 3 Investment trust: requirements to be met whilst approved

      1. 17.Investment trust to comply with requirements of this Chapter

      2. 18.Investment trust must not be a close company

      3. 19.The income distribution requirement

      4. 20.Calculation of income

      5. 21.The income distribution requirement: reduction in amount of income permitted to be retained

      6. 22.The income distribution requirement: exceptions

      7. 23.Requirement to notify Commissioners of revised investment policy

      8. 24.Requirement to notify Commissioners of breach

    4. CHAPTER 4 Breach of the Regulations and withdrawal of approval

      1. 25.Types of breach

      2. 26.Serious breach

      3. 27.Multiple breaches

      4. 28.Breach of the income distribution requirement

      5. 29.Consequences of serious breaches

      6. 30.Breach of the eligibility conditions

    5. CHAPTER 5 Approved company treating itself as not being an investment trust

      1. 31.Company tax return submitted on basis that company is not an investment trust

  4. PART 3 Transactions to be treated as entered into otherwise than in the course of a trade

    1. 32.Treatment of transactions carried out by investment trusts

    2. 33.Meaning of “investment transaction”

    3. 34.Meaning of “relevant contract”

    4. 35.Meaning of “relevant contract”: options

    5. 36.Meaning of “relevant contract”: futures

    6. 37.Options and futures: further provisions

    7. 38.Meaning of “relevant contract”: contracts for difference

    8. 39.Interpretation of regulation 33(c)

    9. 40.Meaning of “units in a collective investment scheme”

    10. 41.Meaning of “transaction in a carbon emission trading product”

  5. PART 4 Investment trust having an interest in offshore non-reporting funds and index tracking funds

    1. 42.Interests in offshore non-reporting funds: general

    2. 43.Treatment of disposal of interest in non-reporting fund

    3. 44.Treatment of interest in non-reporting fund: cases where conditions in regulation 42(2) would not be satisfied

    4. 45.Index tracking funds

    5. 46.Consequential amendment

  6. Signature

  7. Explanatory Note