Corporation Tax Act 2009 section 706

"Excluded body"

Section 706 defines which types of entity are treated as an "excluded body" for the purposes of Part 7 of the Act, which deals with derivative contracts.

• An "excluded body" is a collective investment vehicle that falls into one of four specified categories.
• The four categories are: authorised unit trusts, investment trusts, open-ended investment companies, and venture capital trusts.
• These entities are all forms of collective investment scheme and are subject to different rules under the derivative contracts legislation in Part 7.
• An open-ended investment company, for these purposes, means a company incorporated in the United Kingdom to which section 236 of the Financial Services and Markets Act 2000 applies.