Section 357XC — Corporation Tax Act 2010: Investment management

Investment management 357XC 1 A trade is an “excluded trade” if it consists of or includes portfolio management, or risk management, in relation to—

a a UCITS , or b an AIF.

2 In subsection (1)—

a “UCITS” means—

i a UCITS within the meaning given by section 236A of the Financial Services and Markets Act 2000; or ii an undertaking established in Gibraltar which is a UCITS under the law of Gibraltar which implemented Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities;

b “ AIF ” has the meaning given in regulation 3 of the Alternative Investment Fund Managers Regulations 2013 ( S.I. 2013/1773).