Corporation Tax Act 2010 section 612

Overview of Chapter

Section 612 provides an overview of the Chapter, which sets out the corporation tax rules applying to authorised investment funds, including open-ended investment companies, authorised unit trusts, and court investment funds.

• The Chapter covers the taxation of three types of authorised investment fund: open-ended investment companies, authorised unit trusts, and court investment funds (which are treated as authorised unit trusts).
• Additional rules apply where an open-ended investment company is structured as an umbrella company, or where an authorised unit trust scheme is structured as an umbrella scheme.
• For umbrella structures, each individual sub-fund is treated as a separate open-ended investment company or authorised unit trust in its own right, rather than the umbrella entity as a whole being so treated.
• The detailed definitions, applicable corporation tax rates, and specific rules for each type of fund are set out in the subsequent sections of the Chapter.