Part 13Other special types of company etc
Chapter 2Authorised investment funds
Open-ended investment companies
613Meaning of “open-ended investment company”
In this Chapter “open-ended investment company” means a company incorporated in the United Kingdom to which section 236 of FISMA 2000 applies.
614Applicable corporation tax rate
The rate of corporation tax in relation to an open-ended investment company for any financial year is the rate at which income tax at the basic rate is charged for the tax year beginning on 6 April in that financial year (and sections 18 and 19 (relief for companies with small profits) do not apply).
615Umbrella companies
1
In this section “umbrella company” means an open-ended investment company—
a
whose instrument of incorporation provides arrangements for separate pooling of the contributions of the shareholders and the profits or income out of which payments are made to them, and
b
whose shareholders are entitled to exchange rights in one pool for rights in another.
2
References in this section to a part of an umbrella company are to a separate pool.
3
For the purposes of this Chapter—
a
each of the parts of an umbrella company is to be regarded as an open-ended investment company, and
b
the umbrella company as a whole is not to be regarded as an open-ended investment company.
4
The umbrella company as a whole is not to be regarded as a company for any other purpose of the Tax Acts unless an enactment expressly provides otherwise.