Corporation Tax Act 2010 section 1150

Meaning of "investment manager" and "investment transaction"

Section 1150 defines two key terms — "investment manager" and "investment transaction" — that underpin the independent investment manager conditions used elsewhere in this Chapter.

• An "investment manager" is any person who provides investment management services.
• An "investment transaction" is any transaction of a type specified in regulations made by HMRC.
• The specific transactions that qualify are set out in the Investment Manager (Specified Transactions) Regulations 2009, which came into force on 12 May 2009.
• Regulations made under this section can apply retrospectively to accounting periods that are already in progress on the date the regulations are made.