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No charge to tax arises if any of the following conditions apply:

1. Ìý

   •ÌýÌýÌýÌý the participant is required to treat the interest in the fund as a loan relationship under CTA 2009, ss 487–497 (Pt 6, Ch 3) (see D1.788) or as a derivative contract to which CTA 2009, Pt 7 applies (see Division D1.8)¹

2. Ìý

   •ÌýÌýÌýÌý the asset is a intangible fixed asset to which CTA 2009, Pt 8 applies (see Division D1.6), consists of excluded indexed securities (as defined in ITTOIA 2005, s 433, see D9.503) or is a right arising under an insurance policy²

3. Ìý

   •ÌýÌýÌýÌý the interest in the fund is held as trading stock or the disposal of the interest is taken into account in computing trade profits (see Division B4.1)³

4. Ìý

   •ÌýÌýÌýÌý there is a disposal of assets of an insurance company's long-term insurance fund⁴

5. Ìý

   •ÌýÌýÌýÌý the asset is a loan which is not a participating loan. A participating loan is a loan where the amount payable on redemption exceeds