Regulation 31 Company tax return submitted on basis that company is not an investment trust
This regulation applies if—
a company (apart from this regulation) is approved as an investment trust in respect of an accounting period,
the company makes a company tax return for that period, and
the self-assessment of the amount of tax which is payable by it included in the return is made on the basis that the company is not an investment trust with respect to that period.
If this regulation applies the company is treated as not having been approved as an investment trust for the accounting period referred to in paragraph (1) with effect from the first day of that period and, subject to paragraph (3), for all subsequent accounting periods.
A company to which this regulation applies may make an application under regulation 5 in respect of any accounting period subsequent to the accounting period to which the company tax return relates.