# Income Tax Act 2007, Section 827: Meaning of “investment manager” and “investment transaction”

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

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

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Source: https://www.legislation.gov.uk/ukpga/2007/3/section/827 (the official version)
Page: https://openlegislation.uk/income-tax-act-2007/section-827
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.