# Corporation Tax Act 2010, Section 357XC: Investment management


(1) A trade is an “excluded trade” if it consists of or includes portfolio management, or risk management, in relation to—
(a) a UCITS, or
(b) an AIF.
(2) In subsection (1)—
(a) “UCITS” means—
(i) a UCITS within the meaning given by section 236A of the Financial Services and Markets Act 2000; or
(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;
(b) “AIF” has the meaning given in regulation 3 of the Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773).

---
Source: https://www.legislation.gov.uk/ukpga/2010/4/section/357XC (the official version)
Page: https://openlegislation.uk/corporation-tax-act-2010/section-357XC
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.