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2.—(1) These Regulations specify certain kinds of transactions as investment transactions for the purposes of—
(a)the Authorised Investment Funds (Tax) Regulations 2006(1),
(b)the Offshore Funds (Tax) Regulations 2009(2),
(c)the Investment Trust (Approved Company) (Tax) Regulations 2011(3), and
(d)the Unauthorised Unit Trusts (Tax) Regulations 2013(4).
(2) An investment transaction means—
(a)any transaction in stocks and shares,
(b)any transaction in a relevant contract,
(c)any transaction which results in a fund becoming a party to a loan relationship or a related transaction in respect of a loan relationship,
(d)any transaction in units in a collective investment scheme,
(e)any transaction in securities of any description not falling within paragraphs (a) to (d),
(f)any transaction consisting in the buying or selling of any foreign currency,
(g)any transaction in a carbon emission trading product,
(h)any transaction in rights under a life insurance policy.
(3) For the purposes of these Regulations, “fund” means an authorised investment fund, an offshore fund, an investment trust or an exempt unauthorised unit trust, as the case may be.
S.I. 2011/2999, to which there are amendments not relevant to these Regulations.
Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.
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