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HMRC internal manual

Company Taxation Manual

Investment trusts: approval procedures: who can approve?

Claims for approval under section 842(1) ICTA 1988 are made to and dealt with by the local officer responsible for the company’s Corporation Tax affairs. Provided you are satisfied that all the conditions set out at CTM47205 onwards are met for the relevant accounting period, you may approve the company as an investment trust for that period.

If the company is merely holding shares in a number of subsidiaries so that it is no more than a holding company, or if there is any other doubt about the admissibility of the claim for approval, the case should be referred to CTIS (Investment Trusts) once all of the relevant facts have been obtained.