Investment trust to comply with requirements of this Chapter
- Comply with all Chapter rules each accounting period as an approved investment trust
UK Statutory Instrument
2011
United Kingdom
The Investment Trust (Approved Company) (Tax) Regulations 2011
At a glance
What's here
6 compliance obligations
What this Act requires
Sections that create concrete duties on businesses or carry penalties. Procedural and definitional sections are folded into the “Browse other sections” expander at the bottom of each group. Click any section title to read the source text on legislation.gov.uk.
Investment trust must not be a close company
- Investment trust must not be a close company at any time
The income distribution requirement
- Distribute excess income as dividend before tax return filing date
The income distribution requirement: reduction in amount of income permitted to be retained
- Pay additional dividend when offshore reporting fund income makes permitted retention negative
Requirement to notify Commissioners of revised investment policy
- Notify HMRC of revised investment policy and provide copy before tax return deadline
Requirement to notify Commissioners of breach
- Notify HMRC of any breach of investment trust conditions
Browse 40 other sections — procedural / definitional / commencement
Citation, commencement and effect
Structure of these Regulations
Interpretation
Interpretation
Application for approval as an investment trust
Contents of application
Contents of application: accounting period not commenced at time of application
Contents of application: shares not admitted to trading at time of application
Form, timing and withdrawal of application
Response by Commissioners to application
Appeal against rejection of the application
Effect of acceptance of application
Acceptance of application conditional on receipt of specified information
Delay in admission of company's ordinary share capital to trading on a regulated market
Winding up of company approved as investment trust
Winding up of company approved as investment trust – further conditions
Calculation of income
The income distribution requirement: exceptions
Types of breach
Serious breach
Multiple breaches
Breach of the income distribution requirement
Consequences of serious breaches
Breach of the eligibility conditions
Company tax return submitted on basis that company is not an investment trust
Treatment of transactions carried out by investment trusts
Meaning of “investment transaction”
Meaning of “relevant contract”
Meaning of “relevant contract”: options
Meaning of “relevant contract”: futures
Options and futures: further provisions
Meaning of “relevant contract”: contracts for difference
Interpretation of regulation 33(c)
Meaning of “units in a collective investment scheme”
Meaning of “transaction in a carbon emission trading product”
Interests in offshore non-reporting funds: general
Treatment of disposal of interest in non-reporting fund
Treatment of interest in non-reporting fund: cases where conditions in regulation 42(2) would not be satisfied
Index tracking funds
Consequential amendment
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