The Authorised Investment Funds (Tax) Regulations 2006

[F1 CHAPTER 1 U.K. PRELIMINARY PROVISIONS

Textual Amendments

F1 Pt. 4A inserted (6.4.2008) by The Authorised Investment Funds (Tax) (Amendment) Regulations 2008 (S.I. 2008/705), regs. 1, 5

Property AIFs U.K.

69A.— (1) This Part enables an open-ended investment company which meets the conditions in regulations 69D to 69O—

(a) to benefit from the exemption from corporation tax in accordance with regulation 69Y(1), and

(b) to have liabilities to tax imposed on the company and on participants in accordance with Chapters 3, 4 and 5 of this Part.

(2) In these Regulations an open-ended investment company to which this Part applies may be referred to as a “Property AIF”.

Structure of this Part U.K.

69B.   The structure of this Part of these Regulations is as follows—

This Chapter contains preliminary provisions;

Chapter 2 deals with entry into and membership of the Property AIF regime;

Chapter 3 deals with the tax treatment of Property AIFs;

Chapter 4 deals with distributions made by Property AIFs;

Chapter 5 deals with the treatment of participants in Property AIFs;

Chapter 6 deals with compliance in relation to the Property AIF regime; and

Chapter 7 contains provisions relating to an open-ended investment company’s leaving the Property AIF regime.

Key concepts U.K.

69C.— (1) In this Part “entry” means the time when this Part begins to apply to an open-ended investment company.

(2) In this Part “cessation” means the time when this Part ceases to apply to an open-ended investment company.

(3) In this Part, in relation to an open-ended investment company—

(a) “F (pre-entry)” means the open-ended investment company before this Part begins to apply to it,

(b) “F (tax-exempt)” means the open-ended investment company in so far as it carries on property investment business (within the meaning of regulation 69F) while this Part applies to it,

(c) “F (residual)” means the open-ended investment company in so far as it carries on business other than property investment business while this Part applies to it, and

(d) “F (post-cessation)” means the open-ended investment company after this Part has ceased to apply to it.

[F2 (4) In this Part, a “dedicated feeder fund” in relation to a property AIF means a fund which—

(a) is a unit trust scheme;

(b) is dedicated to investment in the property AIF for which it is a feeder fund (in accordance with its prospectus); and

(c) holds at least 85% of its assets in the form of shares in that property AIF.]]

Textual Amendments

F2 Reg. 69C(4) inserted (with effect in accordance with reg. 1(2) of the amending S.I.) by The Authorised Investment Funds (Tax) (Amendment) Regulations 2012 (S.I. 2012/1783), regs. 1(1), 3