Section 141(3)

The following are excluded businesses— a business that consists wholly or mainly in the making or managing of investments; a business that consists wholly or mainly in, or is carried on wholly or mainly for the purposes of, providing services to persons who are connected with the person carrying on the business; a business that consists in insurance business; a business that consists in managing or acting as trustee in relation to a pension scheme, or that is carried on by the manager or trustee of such a scheme in connection with or for the purposes of the scheme; a business that consists in operating or acting as trustee in relation to a collective investment scheme, or that is carried on by the operator or trustee of such a scheme in connection with and for the purposes of the scheme.

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Source: legislation.gov.uk · retrieved 2026-09-04