Section 210C — Taxation of Chargeable Gains Act 1992: Losses on disposal of authorised investment fund assets to connected manager

Losses on disposal of authorised investment fund assets to connected manager 210C 1 Section 18(3) does not apply in relation to a loss accruing on the disposal by an insurance company of authorised investment fund assets to the manager of the authorised investment fund.

2 In this section— “ authorised investment fund assets ” means assets held by the company for the purposes of its long-term business that consist of — rights under an authorised unit trust, rights under an authorised contractual scheme which is a co-ownership scheme, or shares in an open-ended investment company, “ the manager of the authorised investment fund ” means—

in the case of an authorised unit trust, the person who is the manager of the unit trust scheme for the purposes of Chapter 3 of Part 17 of the Financial Services and Markets Act 2000, ... in the case of an authorised contractual scheme which is a co-ownership scheme, means the person who is the operator of the scheme for the purposes of that Part, and in the case of an open-ended investment company, a director or other person having responsibility for the management of its scheme property, and “ open-ended investment company ” means a company incorporated in the United Kingdom to which section 236 of the Financial Services and Markets Act 2000 applies.