Paragraph 71

United Kingdom

(1)

“ Asset management activities ” means activities which consist (or, if they were carried on in the United Kingdom, would consist) of any or all of the following—

(a)

acting as the operator of a collective investment scheme (within the meaning of Part 17 of FISMA 2000: see sections 235 and 237 of that Act),

(b)

acting as a discretionary investment manager for clients none of which is a linked entity, and

(c)

acting as an authorised corporate director.

(2)

In sub-paragraph (1), “ linked entity ”, in relation to an entity (“E”), means—

(a)

a member of the same group as E,

(b)

a company in which a company which is a member of the same group as E has a major interest (within the meaning of Part 5 of CTA 2009: see section 473 of that Act), or

(c)

a partnership the members of which include an entity—

(i)

which is a member of the same group as E, and

(ii)

whose share of the profits or losses of a trade carried on by the partnership for an accounting period of the partnership any part of which falls within the chargeable period is at least a 40% share (see Part 17 of CTA 2009 for provisions about shares of partnership profits and losses).

(3)

In sub-paragraph (2) “ group ” means a group for the purposes of—

(a)

the provisions mentioned in paragraph 4(3), F1...

(b)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Annotations

Textual amendments

F1: Sch. 19 para. 71(3)(b) and preceding word omitted (with effect in accordance with Sch. 9 para. 35 of the amending Act) by virtue of Finance Act 2018 (c. 3), Sch. 9 para. 31