Corporation Tax Act 2009 section 497

Power to change investments that are qualifying investments

Section 497 gives the Treasury the power to change, by order, which types of investments count as qualifying investments for open-ended investment companies, unit trust schemes and offshore funds.

• The Treasury may amend sections 493 to 496 by order to extend or restrict the descriptions of investments that count as qualifying investments for open-ended investment companies, unit trust schemes or offshore funds.
• Any such order can make different provision for different cases and include incidental, supplemental, consequential and transitional provisions and savings.
• The order may also make incidental modifications to the definition of qualifying holdings in section 495(2) as the Treasury considers appropriate.
• This power covers all three types of collective investment vehicle — open-ended investment companies, unit trust schemes and offshore funds — ensuring consistent treatment across fund structures.