Part 6Relationships treated as loan relationships etc
Chapter 3OEICs, unit trusts and offshore funds
The qualifying investments test
495Qualifying holdings
(1)
For the purposes of section 494(1)(d) a holding in an open-ended investment company, a unit trust scheme or an offshore fund is a qualifying holding at any time if—
(a)
at that time, or
(b)
at any other time in the relevant accounting period,
F3(2)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(3)
In this section “holding”—
(a)
in relation to an open-ended investment company, means—
(i)
except where sub-paragraph (ii) applies, shares in the company, and
(ii)
in a case where under F4section 615(3) of CTA 2010 part of an umbrella company is regarded as an open-ended investment company, rights in the separate pool in question,
(b)
in relation to a unit trust scheme, means an entitlement to a share in the investments of the scheme, and
(c)
in relation to an offshore fund, means—
(i)
shares in any company by which the fund is constituted, or
(ii)
an entitlement to a share in the investments of the fund.
(4)
In this section “relevant accounting period” means the accounting period referred to in section 490(1).