{
  "url": "https://openlegislation.uk/draft-investment-trust-approved-company-tax-regulations-2011/regulation-45",
  "json_url": "https://openlegislation.uk/draft-investment-trust-approved-company-tax-regulations-2011/regulation-45.json",
  "legislation": "ukdsi/2011/9780111516683",
  "legislation_title": "The Investment Trust (Approved Company) (Tax) Regulations 2011",
  "legislation_url": "https://openlegislation.uk/draft-investment-trust-approved-company-tax-regulations-2011",
  "path": "regulation/45",
  "kind": "regulation",
  "number": "45",
  "heading": "Index tracking funds",
  "text": "(1) This regulation applies if—\n(a) an investment trust has an interest in a non-reporting fund,\n(b) the conditions in paragraph (2) are met throughout the relevant period.\n(2) The conditions are that—\n(a) in accordance with the instrument constituting the investment trust, the aim of the investment trust’s policy is to replicate the performance of a qualifying index,\n(b) the main purpose of the investment in the non-reporting fund is to represent the composition of the qualifying index, and\n(c) the capital and income returns of the investment trust replicate as closely as practicable the returns of the investment comprised in the qualifying index.\n(3) For the purposes of paragraph (2) an index is a “qualifying index” if—\n(a) it is based solely on the value of securities listed on a recognised stock exchange or admitted to trading on a regulated market,\n(b) either a competent authority for the United Kingdom or an authority responsible for regulating offshore funds recognises the index on the basis that—\n(i) its composition is sufficiently diverse,\n(ii) it represents an adequate benchmark for the market to which it refers, and\n(iii) it is published in such a way that it is widely available, and\n(c) it is calculated and published by a body which is managed independently from the management of the investment trust.\n(4) Regulation 17 of the Offshore Funds Regulations does not apply in respect of a disposal by the investment trust of the interest in the non-reporting fund.\n(5) In this regulation the “relevant period” means the period—\n(a) starting with the day on which the investment trust acquires the interest in the non-reporting fund (or any part of it), and\n(b) ending with the day of the disposal of the interest.\n(6) In this regulation—\n(a) a “competent authority for the United Kingdom” means the authority which is a competent authority for the United Kingdom for the purposes of Directive 2009/65/EC of the European Parliament and of the Council on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS), and\n(b) “regulated market” has the same meaning as in Directive 2004/39/EC of the European Parliament and of the Council on markets in financial instruments (see article 4.1(14)).",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "footnote",
      "label": "f1",
      "text": "OJ L 302, 17.11.2009, p.32."
    },
    {
      "type": "footnote",
      "label": "f2",
      "text": "OJ L 145, 30.4.2004, p.1."
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukdsi/2011/9780111516683/regulation/45",
    "retrieved_at": "2026-10-30T14:52:49.907490+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."
}