824 Application of 20% rule to collective investment schemes
Income Tax Act 2007 (2007 c 3) | Legislation

824  Application of 20% rule to collective investment schemes

(1)     This section applies if amounts arise or accrue to the non-UK resident as a participant in a collective investment scheme.

(2)     It applies for the purposes of determining whether the requirements of the 20% rule are met in relation to a transaction carried out for the purposes of the scheme [(so far as the transaction is one in respect of which such amounts so arise or accrue)].

(3)     In applying this section make the following assumptions—

(a)     that all the transactions carried out for the purposes of the scheme are carried out on behalf of a company (“the

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