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A company's rights in the following are not within the definition of a loan relationship:

1. Ìý

   •ÌýÌýÌýÌý a unit trust scheme.

2. Ìý

   •ÌýÌýÌýÌý an open ended investment company (OEIC) (as defined in CTA 2010, ss 613, 615(3)) and

3. Ìý

   •ÌýÌýÌýÌý an offshore fund

An OEIC may take the form of an umbrella company, which is a single company whose investments are pooled separately in sub-funds (usually with different investment objectives) and in which the shareholders may exchange their rights in one sub-fund for those in another. The legislation provides that each sub-fund is treated as a separate OEIC, and a person having rights in one sub-fund is treated as holding shares in the OEIC represented by that sub-fund¹. An OEIC may issue shares of a single class in two denominations; if a person holds shares of both denominations, they are treated as shares of the same class²

Because the creditor relationships of a unit trust, an OEIC and an offshore fund are also excluded from the loan relationship provisions