Part 11

Charitable companies etc
Chapter 4

Restrictions on exemptions

Approved charitable investments and loans

Securities which are approved charitable investments
512
1
The investments to which this section applies are investments in securities—
a
issued or guaranteed by Her Majesty’s Government in the United Kingdom or by the government of a member State of the European Union,
b
issued or guaranteed by the government or a governmental body of any territory or part of a territory,
c
issued by an international entity listed in the Annex to Council Directive 2003/48/EC (directive on taxation of interest payments),
d
issued by an entity meeting the four criteria set out at the end of that Annex,
e
issued by a building society,
f
issued by a credit institution which operates on mutual principles and which is authorised by an appropriate governmental body in the territory in which the securities are issued,
g
issued by an open-ended investment company,
h
issued by a company and listed on a recognised stock exchange, or
i
issued by a company but not listed on a recognised stock exchange.
2
Subsection (1) is subject to section 513.
3
In this section and in section 513—
- “debentures” includes—
  1. debenture stock and bonds (whether constituting a charge on assets or not), and
  2. loan stock or notes,
- “open-ended investment company” is to be read in accordance with sections 613 and 615,
- “securities” includes shares and debentures, and
- “shares” includes stocks.
Words in s. 512(1)(a) inserted (31.12.2020) by The Taxes (Amendments) (EU Exit) Regulations 2019 (S.I. 2019/689), regs. 1, 17(7) (with regs. 39-41); 2020 c. 1, Sch. 5 para. 1(1)