The Investment Trust (Approved Company) (Tax) Regulations 2011 (SI 2011/2999) were approved by a committee of the House of Commons on 6 December 2011 and will now come into force on 1 January 2012 for accounting periods commencing on or after that date. These regulations contain the operational rules for approval of companies as investment trusts and should be read in conjunction with the accompanying draft Explanatory Memorandum.
The Investment Trust (Approved Company) (Tax) Regulations 2011 (Opens new window)
Read the accompanying draft Explanatory Memorandum (Opens new window)
An 'Appointed Day Order' (The Finance Act 2011, Section 49(6) (Appointed Day) Order 2011, SI 2011/2977) was made on 14 December 2011 to give effect to amendments to S1158 and S1159 Corporation Tax Act 2010 (introduced in Finance Act 2011). The amendments come into force on 1 January 2012 for accounting periods commencing on or after that date. S1158 sets out the 'eligibility conditions' that companies wishing to apply for approval as investment trusts must meet.
The Finance Act 2011, Section 49(6) (Appointed Day) Order 2011 (Opens new window)
The Investment Trusts (Dividends) (Optional Treatment as Interest Distributions) (Amendment) Regulations 2011 (SI 2011/2951) make minor changes to The Investment Trusts (Dividends) (Optional Treatment as Interest Distributions) Regulations 2009 (SI 2009/2034) that are required as a result of the new tax rules for investments trusts. These changes also come into force on 1 January 2012 and apply to amounts distributed by investment trusts in respect of accounting periods commencing on or after that date. The regulations should be read in conjunction with the accompanying draft Explanatory Memorandum.
Find the accompanying draft Explanatory Memorandum (Opens new window)
To read the original regulations, please see the link below.
HMRC will publish draft guidance shortly. But in the meantime, if you have any questions relating to the new approval process, please contact the Collective Investments Schemes Centre.
