The Authorised Investment Funds (Tax) Regulations 2006

[F1Termination by notice: CommissionersU.K.

This adran has no associated Memorandwm Esboniadol

69Z37.—(1) This regulation applies if the Commissioners give a notice in writing under this paragraph to an open-ended investment company to which this Part applies (a “termination notice”).

(2) This Part shall cease to apply to the company.

(3) The Commissioners may give a termination notice only if—

(a)a provision contained in this Part provides that the Commissioners may give a termination notice,

(b)there is an intentional or negligent breach of a condition in Chapter 2, or

(c)there is an attempt to gain a tax advantage to which regulation 69Z10 applies.

(4) A termination notice must state the reason for it.

(5) If a termination notice is given to an open-ended investment company, this Part shall be taken to have ceased to apply to the open-ended investment company at the end of the accounting period before the accounting period during which the event occurs (or the last event occurs) which caused the Commissioners to give the notice.]

Textual Amendments