The Investment Trust (Approved Company) (Tax) Regulations 2011
PART 1Introductory and General Provisions
1Citation, commencement and effect
2Structure of these Regulations
3Interpretation
PART 2Investment Trusts
CHAPTER 1Application procedure
4Interpretation
5Application for approval as an investment trust
6Contents of application
7Contents of application: accounting period not commenced at time of application
8Contents of application: shares not admitted to trading at time of application
9Form, timing and withdrawal of application
10Response by Commissioners to application
11Appeal against rejection of the application
12Effect of acceptance of application
13Acceptance of application conditional on receipt of specified information
CHAPTER 2Cases where eligibility conditions treated as being met
14Delay in admission of company's ordinary share capital to trading on a regulated market
15Winding up of company approved as investment trust
16Winding up of company approved as investment trust – further conditions
CHAPTER 3Investment trust: requirements to be met whilst approved
17Investment trust to comply with requirements of this Chapter
18Investment trust must not be a close company
19The income distribution requirement
20Calculation of income
21The income distribution requirement: reduction in amount of income permitted to be retained
22The income distribution requirement: exceptions
23Requirement to notify Commissioners of revised investment policy
24Requirement to notify Commissioners of breach
CHAPTER 4Breach of the Regulations and withdrawal of approval
25Types of breach
26Serious breach
27Multiple breaches
28Breach of the income distribution requirement
29Consequences of serious breaches
30Breach of the eligibility conditions
CHAPTER 5Approved company treating itself as not being an investment trust
31Company tax return submitted on basis that company is not an investment trust
PART 3Transactions to be treated as entered into otherwise than in the course of a trade
32Treatment of transactions carried out by investment trusts
33Meaning of “investment transaction”
34Meaning of “relevant contract”
35Meaning of “relevant contract”: options
36Meaning of “relevant contract”: futures
37Options and futures: further provisions
38Meaning of “relevant contract”: contracts for difference
39Interpretation of regulation 33(c)
40Meaning of “units in a collective investment scheme”
41Meaning of “transaction in a carbon emission trading product”
PART 4Investment trust having an interest in offshore non-reporting funds and index tracking funds
42Interests in offshore non-reporting funds: general
43Treatment of disposal of interest in non-reporting fund
44Treatment of interest in non-reporting fund: cases where conditions in regulation 42(2) would not be satisfied
45Index tracking funds
46Consequential amendment

2011 No. 2999

Corporation Tax

The Investment Trust (Approved Company) (Tax) Regulations 2011

Made

Coming into force

The Treasury make the following regulations in exercise of the powers conferred by sections 622A, 1158(6) and 1159 of the Corporation Tax Act 2010 F1 and section 354 of the Taxation (International and Other Provisions) Act 2010 F2.

In accordance with sections 622A(3), 1158(8) and 1159(4) of the Corporation Tax Act 2010 and section 372(3)(b) of the Taxation (International and Other Provisions) Act 2010, a draft of these Regulations was laid before the House of Commons and approved by a resolution of that House.

Annotations:
Amendments (Textual)
F1

2010 c. 4; new sections 1158 and 1159 were substituted by section 49 of the Finance Act 2011 (c. 11) and section 622A was inserted by section 50 of that Act.