Section 856 — Income Tax Act 2007: Investments which are relevant investments

Investments which are relevant investments 856 1 An investment is a relevant investment for the purposes of section 876 if it meets—

a the individual interest condition (see subsection (3)),

b the Scottish partnership condition (see subsection (4)),

c the personal representative condition (see subsection (5)), or d the settlement condition (see subsection (6)).

2 But an investment is not a relevant investment if any of sections 863 to 870 prevent it from being a relevant investment.

3 An investment meets the individual interest condition if the only persons beneficially entitled to interest on the investment are individuals.

4 An investment meets the Scottish partnership condition if—

a a Scottish partnership is beneficially entitled to all interest on the investment, and b that partnership consists only of individuals.

5 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.

6 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).