Section 495 — Corporation Tax Act 2009: Qualifying holdings

Qualifying holdings 495 1 For the purposes of section 494(1)(d) a holding in an open-ended investment company, a unit trust scheme or an offshore fund is a qualifying holding at any time if—

a at that time, or b at any other time in the relevant accounting period, the company, scheme or fund itself fails to meet the qualifying investments test ... . 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3 In this section “holding”—

a in relation to an open-ended investment company, means—

i except where sub-paragraph (ii) applies, shares in the company, and ii in a case where under section 615(3) of CTA 2010 part of an umbrella company is regarded as an open-ended investment company, rights in the separate pool in question, b in relation to a unit trust scheme, means an entitlement to a share in the investments of the scheme, and c in relation to an offshore fund, means—

i shares in any company by which the fund is constituted, or ii an entitlement to a share in the investments of the fund.

4 In this section “ relevant accounting period ” means the accounting period referred to in section 490(1).