Section 856 Investments which are relevant investments
United Kingdom
An investment is a relevant investment for the purposes of F1section 876 if it meets—
the individual interest condition (see subsection (3)),
the Scottish partnership condition (see subsection (4)),
the personal representative condition (see subsection (5)), or
the settlement condition (see subsection (6)).
But an investment is not a relevant investment if any of sections F2863 to 870 prevent it from being a relevant investment.
An investment meets the individual interest condition if the only persons beneficially entitled to interest on the investment are individuals.
An investment meets the Scottish partnership condition if—
a Scottish partnership is beneficially entitled to all interest on the investment, and
that partnership consists only of individuals.
An investment meets the personal representative condition if personal representatives are entitled to any interest on the investment and they receive it in that capacity.
An investment meets the settlement condition if all interest on the investment is income arising to the trustees of a discretionary or accumulation settlement and they receive it in that capacity.
For the meaning of “discretionary or accumulation settlement”, see section 873(1).
Annotations
Textual amendments
- F1
Words in s. 856(1) substituted (with effect in accordance with Sch. 6 para. 28 of the amending Act) by Finance Act 2016 (c. 24), Sch. 6 para. 10(2)
- F2
Word in s. 856(2) substituted (with effect in accordance with Sch. 6 para. 28 of the amending Act) by Finance Act 2016 (c. 24), Sch. 6 para. 10(3)
Notes on Part 15
Modifications
- C1
Pt. 15 modified (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), ss. 551(4), 1329(1) (with Pts. 1, 2, Sch. 2 para. 78)
Notes on Chapter 2
Textual amendments
- F1
Pt. 15 Ch. 2 heading substituted (with effect in accordance with Sch. 6 para. 28 of the amending Act) by Finance Act 2016 (c. 24), Sch. 6 para. 4