The following Tax guidance note Produced in partnership with Michael Alliston of Herbert Smith Freehills LLP provides comprehensive and up to date legal information covering:
This Practice Note considers the application process for a company seeking approval as an investment trust from HMRC. It discusses, in particular, the:
content of an application
procedure for application, and
effect of HMRC granting approval
details of the eligibility conditions and other requirements for a company to be treated as an investment trust for tax purposes, see Practice Note: Taxation of investment trusts—what is an investment trust?
the circumstances in which an approval may be withdrawn, see Practice Note: Taxation of investment trusts—breaches of conditions and withdrawal of approval
the tax treatment of approved investment trusts and their investors, see Practice Note: Taxation of investment trusts—the tax treatment of the investment trust and investors
All applications seeking approval for investment trust status must contain:
the date of the first day of the first accounting period for which approval is sought
a statement that the company meets, or is expected to meet, for that accounting period:
the eligibility conditions, and
the requirements of the ITC
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