# Finance Act 2026, Paragraph 23: Investment managers (removal of the 20% rule)

Extent: E+W+S+N.I.

(1) In section 818 (the independent investment manager conditions) omit subsection (5).
(2) In section 835M (the independent investment manager conditions) omit subsection (5).
(3) Omit sections 819 and 835N (investment managers: the 20% rule).
(4) In consequence of the amendments made by sub-paragraph (3)—
(a) omit sections 820 to 824,
(b) omit sections 835O to 835Q, and
(c) in Schedule 4 (index of defined expressions), in the table omit both entries relating to relevant disregarded income.

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Source: https://www.legislation.gov.uk/ukpga/2026/11/schedule/7/paragraph/23 (the official version)
Page: https://openlegislation.uk/finance-act-2026/schedule-7/paragraph-23
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.