Section 827 Meaning of “investment manager” and “investment transaction”

United Kingdom

(1)

In this Chapter “investment manager” means a person who provides investment management services F1(which may include or comprise the provision of investment advice).

F2(2)

An “investment transaction” means any transaction other than a transaction with an excluded subject matter.

(3)

The following are excluded subject matters—

(a)

land in the United Kingdom, and

(b)

any commodity or other physical asset.

(4)

But a transaction is to be treated as not having an excluded subject matter if—

(a)

it is a derivative contract whose subject matter is a commodity but which does not result in the physical delivery of the commodity, or

(b)

it is a derivative contract whose subject matter is an excluded subject matter only because it operates by reference to a qualifying index, provided that index is not maintained by a person who is connected to any of the parties to the transaction.

(5)

For the purposes of subsection (4) a “qualifying index” means an index relating to an excluded subject matter that—

(a)

is publicly available, and

(b)

is an index of a substantial number of assets.

Annotations

Textual amendments

F1: Words in s. 827(1) inserted (for chargeable periods beginning on or after 1.1.2026) by Finance Act 2026 (c. 11), Sch. 7 paras. 24(1)(a), 30
F2: S. 827(2)-(5) substituted for s. 827(2)(3) (for chargeable periods beginning on or after 1.1.2026) by Finance Act 2026 (c. 11), Sch. 7 paras. 24(1)(b), 30

Notes on Chapter 1

Modifications

C1: Pt. 14 Ch. 1 excluded by 2005 c. 5, s. 608X(3)(a) (as inserted (with effect in accordance with Sch. 3 para. 7 of the amending Act) by Finance Act 2019 (c. 1), Sch. 3 para. 4)