天美影院

Collective investment schemes

ITA07/S809EZA(6)

The disguised investment management fees (DIMF) legislation only applies where there is an investment scheme involved.

For the purposes of Chapter 5E, this includes:

• A collective investment scheme, as defined using the meaning in S235 of the Financial 天美影院 and Markets Act 2000, and
• Investment trusts, which are companies in relation to which conditions A to C in S1158 of the Corporation Tax Act 2010 are met (or treated as met); and for this purpose 鈥渃ompany鈥� has the meaning given by S1121 Corporation Tax Act 2010.

Body corporates, which include but is not limited to companies and investment trusts are generally not collective investment schemes, as a result of the exclusions in Financial 天美影院 and Markets Act 2000 (Collective Investment Scheme) Order 2001, SI 2001/1062. However Open Ended Investment Companies (OEICs) defined in S236 Financial 天美影院 and Markets Act 2000 are collective investment schemes.

Example

ABC plc is in the process of seeking a listing of its shares on a stock exchange. The company is seeking to raise 拢1bn of new money on the listing. The money raised on the listing is intended to be used to purchase a number of private businesses. Ian is the Finance Director of ABC plc and is currently spending a significant amount of time researching and meeting potential investors.

While Ian鈥檚 role may include 鈥渋nvestment management services鈥�, it is in relation to ABC plc which is not an investment scheme.