Taxation of Chargeable Gains Act 1992 Schedule 7AC paragraph 30A

Meaning of "qualifying institutional investor"

Section 30A defines the term "qualifying institutional investor" by listing seven categories of investor that qualify, and gives the Treasury power to amend the list by regulations.

• Seven categories of investor qualify: pension schemes (excluding investment-regulated schemes), life assurance companies (where the holding forms part of long-term business fixed capital), sovereign immune entities, charities, investment trusts, authorised investment funds, and exempt unauthorised unit trusts.
• Authorised investment funds and exempt unauthorised unit trusts must satisfy a genuine diversity of ownership condition throughout the accounting period in which the disposal is made.
• For life assurance businesses, the interest in the investing company must be held as part of the company's long-term business fixed capital immediately before the disposal.
• The Treasury may amend the list of qualifying institutional investors by regulations, including by adding or removing categories or changing the conditions that apply.