# Finance (No. 2) Act 2023, Paragraph 18: Investments held by investment managers

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

(1) Section 454A (investments held by investment managers) is amended as follows.
(2) In subsection (1)(a), for “is a member of a worldwide group” substitute “would, apart from this section, be a member of a worldwide group”.
(3) After subsection (1) insert—
“(1A) Except in a case within subsection (2), for the purposes of this Part—
(a) the group does not include S (or its subsidiaries), and
(b) accordingly, none of those entities is regarded as a consolidated subsidiary of any member of the group.”
(4) In subsection (2), for “For the purposes of this Part” substitute “Where S is a partnership or another transparent entity, for the purposes of this Part”.

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Source: https://www.legislation.gov.uk/ukpga/2023/30/schedule/3/paragraph/18 (the official version)
Page: https://openlegislation.uk/finance-no-2-act-2023/schedule-3/paragraph-18
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.