358Meaning of “relevant income-producing asset”U.K.
(1)This section has effect for the purposes of section 357.
(2)An asset is a relevant income-producing asset if it produces income on which, if it were held directly by an individual resident in the United Kingdom, the individual would be charged to income tax (but see subsections (3) and (4)).
(3)An asset is not a relevant income-producing asset if the asset is hedged, provided that no income is expected to arise from—
(a)the asset (taking account of the hedging), or
(b)any product of the hedging arrangements.
(4)Cash awaiting investment is not a relevant income-producing asset, provided that the cash, and any income that it produces while awaiting investment, is invested as soon as reasonably practicable in assets that are not relevant income-producing assets (as defined by this section).