Savings and Investment Manual

SAIM2770 - Disguised interest: excluded shares

There is an exemption from the provisions of ITTOIA05/S381A for 바카라 사이트˜excluded shares바카라 사이트™. ITTOIA05/S381E applies to arrangements that:

• involve only such shares - that is, they do not apply if the arrangement involves shares in combination with, for example, a derivative contract; and
• for which no 바카라 사이트˜relevant arrangements바카라 사이트™ have been made in relation to those shares.

An excluded share is one that is:

• admitted to trading on a regulated market;
• issued either before 6 April 2013, or
• where issued on or after 6 April 2013 not one forming part of arrangements that would produce a return that is economically equivalent to interest.

Thus, where shares are admitted to trading on a regulated market on or after 6 April 2013, they will be potentially be within the excluded shares exception unless the shareholder바카라 사이트™s return is virtually guaranteed on launch, for example where the investment company바카라 사이트™s portfolio is not exposed to investment risk. If relevant arrangements are put in place after launch (see SAIM2780), the excluded shares exception will not be available.

Admitted to trading on a regulated market

바카라 사이트˜Regulated market바카라 사이트™ here has the same meaning as in Directive 2004/39/EC of the European Parliament and the Council of 30 April 2004 on markets in financial instruments. In other words, it will apply to exchanges in the European Union.