Section 432 | Meaning of “qualifying investment”

(1)In this Chapter “qualifying investment” means—

(a)shares or securities which are listed on a recognised stock exchange or dealt in on any designated market in the United Kingdom,

(b)units in an authorised unit trust,

(c)shares in an open-ended investment company,

(d)an interest in an offshore fund, and

(e)a qualifying interest in land.

(2)In this section—

“designated” means designated by an order made by the Commissioners for Her Majesty's Revenue and Customs for the purposes of subsection (1)(a),

“offshore fund” has the same meaning as in Chapter 5 of Part 17 of ICTA (see sections 756A to 756C of that Act), and

“open-ended investment company” is to be read in accordance with sections 613 and 615 of CTA 2010.

(3)An order under subsection (2) may—

(a)designate a market by name or by reference to any class or description of market, and

(b)vary or revoke a previous order under that subsection.