Section 357XC Investment managementF1
A trade is an “excluded trade” if it consists of or includes portfolio management, or risk management, in relation to—
a UCITS, or
an AIF.
In subsection (1)—
“UCITS” means—
a UCITS within the meaning given by section 236A of the Financial Services and Markets Act 2000; or
an undertaking established in Gibraltar which is a UCITS under the law of Gibraltar which implemented Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities;
“AIF” has the meaning given in regulation 3 of the Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773).
Annotations
Textual amendments
- F1
Pt. 8B inserted (with effect in accordance with s. 5 of the amending Act) by Corporation Tax (Northern Ireland) Act 2015 (c. 21), s. 1
- F2
S. 357XC(2)(a) substituted (31.12.2020) by The Taxes (Amendments) (EU Exit) Regulations 2019 (S.I. 2019/689), regs. 1, 17(6) (with regs. 39-41); 2020 c. 1, Sch. 5 para. 1(1)