PART 3U.K.REPORTING FUNDS AND THE TREATMENT OF PARTICIPANTS IN REPORTING FUNDS
CHAPTER 8U.K.THE TAX TREATMENT OF PARTICIPANTS IN REPORTING FUNDS
Tax treatment of the reported income of the fund in the hands of participantsU.K.
Participants chargeable to corporation taxU.K.
98.—(1) This regulation applies if some or all of the excess specified in regulation 94 is treated as made to a participant chargeable to corporation tax.
(2) The amount is exempt if it would be exempt if it were an actual distribution made by the fund.