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Section 210C: Losses on disposal of authorised investment fund assets to connected manager

Taxation of Chargeable Gains Act 1992 · 1992 c. 12View on legislation.gov.uk

Part VI: Companies, oil, insurance etc. — Chapter III: Insurance

Section 18(3) does not apply in relation to a loss accruing on the disposal by an insurance company of authorised investment fund assets to the manager of the authorised investment fund.

In this section—

  • "authorised investment fund assets" means assets held by the company for the purposes of its long-term business that consist of—

    • rights under an authorised unit trust,

    • rights under an authorised contractual scheme which is a co-ownership scheme, or

    • shares in an open-ended investment company,

  • "the manager of the authorised investment fund" means—

    (a)in the case of an authorised unit trust, the person who is the manager of the unit trust scheme for the purposes of Chapter 3 of Part 17 of the Financial Services and Markets Act 2000, ...

    (aa)in the case of an authorised contractual scheme which is a co-ownership scheme, means the person who is the operator of the scheme for the purposes of that Part, and

    (b)in the case of an open-ended investment company, a director or other person having responsibility for the management of its scheme property, and

  • "open-ended investment company" means a company incorporated in the United Kingdom to which section 236 of the Financial Services and Markets Act 2000 applies.

About this text

This legislation text comes from legislation.gov.uk. Contains public sector information licensed under the Open Government Licence v3.0. These source and reuse terms cover the legislation text, not Remedy's commentary.

Reuse reviewed 21 August 2026 under Open Government Licence v3.0.