{
  "url": "https://openlegislation.uk/income-tax-act-2007/section-827",
  "json_url": "https://openlegislation.uk/income-tax-act-2007/section-827.json",
  "legislation": "ukpga/2007/3",
  "legislation_title": "Income Tax Act 2007",
  "legislation_url": "https://openlegislation.uk/income-tax-act-2007",
  "path": "section/827",
  "kind": "section",
  "number": "827",
  "heading": "Meaning of “investment manager” and “investment transaction”",
  "text": "(1) In this Chapter “investment manager” means a person who provides investment management services (which may include or comprise the provision of investment advice).\n(2) An “investment transaction” means any transaction other than a transaction with an excluded subject matter.\n(3) The following are excluded subject matters—\n(a) land in the United Kingdom, and\n(b) any commodity or other physical asset.\n(4) But a transaction is to be treated as not having an excluded subject matter if—\n(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\n(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.\n(5) For the purposes of subsection (4) a “qualifying index” means an index relating to an excluded subject matter that—\n(a) is publicly available, and\n(b) is an index of a substantial number of assets.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "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"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "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"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2007/3/section/827",
    "retrieved_at": "2026-10-29T09:13:03.599581+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."
}