Section 620 | Court investment funds
From legislation.gov.uk
(1)In this section “court investment fund” means a fund established under section 42 of the Administration of Justice Act 1982 (investment funds for money paid into court).
(2)The Tax Acts apply in relation to a court investment fund as if—
(a)the fund were an authorised unit trust,
(b)the person who is for the time being the investment manager of the fund were the trustee of the trust, and
(c)the persons with qualifying interests (see the table in subsection (3)) were the unit holders in the trust.
(3)This is the table referred to in subsection (2)(c)—
| Description of shares in the fund | Persons with qualifying interests in relation to the shares |
|---|---|
| Shares held by the Accountant General | The persons whose interests entitle them, as against the Accountant General, to share in the fund's investments |
| Shares held by any other person authorised by the Lord Chancellor to hold such shares on behalf of others (an “authorised person”) | The persons whose interests entitle them, as against the authorised person, to share in the fund's investment (or, if there are no such persons, the authorised person) |
| Shares held by persons authorised by the Lord Chancellor to hold such shares on their own behalf | The persons so authorised |
(4)In subsection (3) “the Accountant General” means—
(a)the Accountant General of the Senior Courts of England and Wales, or
(b)the Accountant General of the Court of Judicature of Northern Ireland.
(5)In the application of this section to Northern Ireland, any reference to the Lord Chancellor is to be read as a reference to the Department of Justice in Northern Ireland.F1