Section 559 | Securities which are approved charitable investments

(1)The investments to which this section applies are investments in securities—

(a)issued or guaranteed by Her Majesty’s Government in the United Kingdom or by the government of a member State of the European Union,^F1

(b)issued or guaranteed by the government or a governmental body of any territory or part of a territory,

(c)issued by an international entity listed in the Annex to Council Directive 2003/48/EC (directive on taxation of interest payments),

(d)issued by an entity meeting the four criteria set out at the end of that Annex,

(e)issued by a building society,

(f)issued by a credit institution which operates on mutual principles and which is authorised by an appropriate governmental body in the territory in which the securities are issued,

(g)issued by an open-ended investment company,

(h)issued by a company and listed on a recognised stock exchange, or

(i)issued by a company but not listed on a recognised stock exchange.

(2)Subsection (1) is subject to section 560.

(3)In this section and in section 560—^F2

“debentures” includes—

(a)debenture stock and bonds (whether constituting a charge on assets or not), and

(b)loan stock or notes,

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

“securities” includes shares and debentures, and

“shares” includes stocks.