Tax and investment trusts—breaches of eligibility conditions and ongoing requirements
Produced in partnership with Michael Alliston of Norton Rose Fulbright
Practice notesTax and investment trusts—breaches of eligibility conditions and ongoing requirements
Produced in partnership with Michael Alliston of Norton Rose Fulbright
Practice notes
In order to obtain, and maintain, status as an approved Investment trust for UK tax purposes, a company must satisfy certain eligibility conditions contained in the Corporation Tax Act 2010 (CTA 2010), and meet several ongoing Requirements imposed by the Investment Trust (Approved Companies) Tax Regulations, SI 2011/2999 (Investment Trust Regulations). For more on these eligibility conditions and requirements, see Practice Note: Tax and investment trusts—what are investment trusts?
This Practice Note looks at what happens when an approved investment trust breaches any of those eligibility conditions or fails to meet any of those ongoing requirements.
The Practice Note also covers what happens when an approved investment trust files on the basis that it is not an approved investment trust for tax purposes.
For how a company applies for approval as an investment trust, see Practice Note: Tax and investment trusts—applying for HMRC approval. For the tax treatment of approved investment trusts and their investors, see Practice Note: Tax and investment trusts—tax treatment of the fund and its investors.
Breaches
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Jurisdiction(s):
United Kingdom
Related legal acts:
Key definition:
Investment definition
What does Investment mean?
An investment will typically mean any type of property or interest held within the territory of the host state. This will often extend far beyond 'obvious' property, such as real estate or shares in a local company, to (depending upon the circumstances) other interests such as rights under a contract, intellectual property rights and private loans. As with the concept of 'investor,' in the modern commercial world what does and does not qualify as investment can be a complex question. The definition of 'investment' will vary between BITs.
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