Related Commentary  Related HMRC Manuals

490(1)  This section applies if–

(a)at any time in an accounting period of a company it holds–

(i)any shares in an open-ended investment company,

(ii)any rights under a unit trust scheme, or

(iii)an interest in an offshore fund, and

(b)there is a time in the period when that company, scheme or fund fails to meet the qualifying investments test (see section 493).

490(2)  The Corporation Tax Acts have effect for the accounting period in accordance with subsection (3) as if–

(a)the relevant holding were rights under a creditor relationship of the company, and

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