Corporation Tax Act 2010 section 620

Court investment funds

Section 620 explains how court investment funds — funds established under the Administration of Justice Act 1982 for money paid into court — are treated for tax purposes, by deeming them to be authorised unit trusts.

• A court investment fund is a fund set up under section 42 of the Administration of Justice Act 1982 to invest money that has been paid into court.
• For tax purposes, the fund is treated as if it were an authorised unit trust, with the fund's investment manager standing in the role of trustee.
• The persons who hold qualifying interests in the fund — determined by who holds shares and on whose behalf — are treated as unit holders in the deemed authorised unit trust.
• In Northern Ireland, references to the Lord Chancellor are read as references to the Department of Justice in Northern Ireland, and the Accountant General means the Accountant General of the Court of Judicature of Northern Ireland.