Section 1150 Meaning of “investment manager” and “investment transaction”F1

(1)

The following definitions apply for the purposes of this Chapter.

(2)

An “investment manager” means a person who provides investment management services (which may include or comprise the provision of investment advice).

(3)

An “investment transaction” means any transaction other than a transaction with an excluded subject matter.

(4)

The following are excluded subject matters—

(a)

land in the United Kingdom, and

(b)

any commodity or other physical asset.

(5)

But a transaction is to be treated as not having an excluded subject matter if—

(a)

it is a derivative contract whose subject matter is a commodity but which does not result in the physical delivery of the commodity, or

(b)

it is a derivative contract whose subject matter is an excluded subject matter only because it operates by reference to a qualifying index, provided that index is not maintained by a person who is connected to any of the parties to the transaction.

(6)

For the purposes of subsection (5) a “qualifying index” means an index relating to an excluded subject matter that—

(a)

is publicly available, and

(b)

is an index of a substantial number of assets.

Annotations

Textual amendments

F1: S. 1150 substituted (for chargeable periods beginning on or after 1.1.2026) by Finance Act 2026 (c. 11), Sch. 7 paras. 17(1), 30

Notes on Chapter 2

Modifications

C1: Pt. 24 Ch. 2 applied by 2007 c. 3, s. 1007A (as inserted (with effect in accordance with Sch. 2 paras. 7(3), 8 of the amending Act) by Finance (No. 3) Act 2010 (c. 33), Sch. 2 para. 3(3); S.I. 2011/662, art. 2)
C2: Pt. 24 Ch. 2 applied by 2003 c. 1, s. 60I(2)(a) (as inserted (6.4.2021 for the tax year 2021-22 and subsequent tax years) by Finance Act 2020 (c. 14), Sch. 1 paras. 5, 24 (with Sch. 1 paras. 30-34))