# The Investment Trust (Approved Company) (Tax) Regulations 2011, Regulation 22: The income distribution requirement: exceptions


(1) Regulations 19 and 21 do not apply in relation to an accounting period if the amount that the investment trust would be required to distribute in accordance with those regulations, taken together, would be less than £30,000.
(2) Regulations 19 and 21 do not apply in relation to an accounting period if—
(a) by virtue of a restriction imposed by law, the investment trust is required to retain in respect of the accounting period an amount of income that exceeds 15% of its income, and
(b) either—
(i) the amount of income that the investment trust retains in respect of the accounting period does not exceed the amount of income that it is required to retain in respect of the period by virtue of a restriction imposed by law, or
(ii) if there is such an excess, the amount of the excess plus the amount of any income that the investment trust distributes in respect of the period is less than £30,000.
(3) If the accounting period mentioned in sub-paragraphs (1) and (2) is shorter than 12 months, the amount of £30,000 mentioned in paragraphs (1) and (2)(b)(ii) is proportionately reduced.

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Source: https://www.legislation.gov.uk/ukdsi/2011/9780111516683/regulation/22 (the official version)
Page: https://openlegislation.uk/draft-investment-trust-approved-company-tax-regulations-2011/regulation-22
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.