PART 3REPORTING FUNDS AND THE TREATMENT OF PARTICIPANTS IN REPORTING FUNDS
CHAPTER 8THE TAX TREATMENT OF PARTICIPANTS IN REPORTING FUNDS
Anti-avoidance provisions
Treatment of financial traders if conditions specified in regulation 73 are met102
1
This group of regulations applies if a financial trader holds, or has held, an interest in a diversely owned fund.
2
In this Chapter—
“this group of regulations” means this regulation and regulations 103 to 105;
“financial trader” has the meaning given by regulation 105.
3
In computing the trading profits or losses of the financial trader for the relevant period, the following amounts must be brought into account—
a
all distributions received by or credited to the financial trader in respect of the interest for the relevant period, and
b
any amount required to be brought into account under regulation 103.
4
In this group of regulations “relevant period” means—
a
in the case of a financial trader within the charge to income tax, a period of account, and
b
in the case of a financial trader within the charge to corporation tax, an accounting period.
5
In this group of regulations references to distributions are subject to section 130 of CTA 2009 (insurers receiving distributions etc).