{
  "url": "https://openlegislation.uk/corporation-tax-act-2010/section-357XC",
  "json_url": "https://openlegislation.uk/corporation-tax-act-2010/section-357XC.json",
  "legislation": "ukpga/2010/4",
  "legislation_title": "Corporation Tax Act 2010",
  "legislation_url": "https://openlegislation.uk/corporation-tax-act-2010",
  "path": "section/357XC",
  "kind": "section",
  "number": "357XC",
  "heading": "Investment management",
  "text": "(1) A trade is an “excluded trade” if it consists of or includes portfolio management, or risk management, in relation to—\n(a) a UCITS, or\n(b) an AIF.\n(2) In subsection (1)—\n(a) “UCITS” means—\n(i) a UCITS within the meaning given by section 236A of the Financial Services and Markets Act 2000; or\n(ii) 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;\n(b) “AIF” has the meaning given in regulation 3 of the Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773).",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "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"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "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)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2010/4/section/357XC",
    "retrieved_at": "2026-10-29T09:10:29.433154+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}