Search Legislation

The Authorised Investment Funds (Tax) Regulations 2006

 Help about what version

What Version

  • Latest available (Revised)
  • Original (As made)
 Help about advanced features

Advanced Features

 Help about opening options

Opening OptionsExpand opening options

Changes over time for: Section 14ZD

 Help about opening options

Changes to legislation:

There are currently no known outstanding effects for the The Authorised Investment Funds (Tax) Regulations 2006, Section 14ZD. Help about Changes to Legislation

[F1Index tracking fundsU.K.

This section has no associated Explanatory Memorandum

14ZD.(1) This regulation applies if—

(a)an authorised investment fund has an interest in a non-reporting fund, and

(b)the conditions in paragraph (2) are met throughout the relevant period.

(2) The conditions are that—

(a)in accordance with either the authorised investment fund’s prospectus or the instrument constituting the authorised investment fund, the aim of the authorised investment fund’s investment policy is to replicate the performance of a qualifying index,

(b)the main purpose of the investment in the non-reporting fund is to represent the composition of the qualifying index, and

(c)the capital and income returns of the authorised investment fund replicate as closely as practicable the returns of the investments comprised in the qualifying index.

(3) For the purposes of paragraph (2) an index is a “qualifying index” if—

(a)it is based solely on the value of securities listed on a recognised stock exchange or admitted to trading on a regulated market,

(b)either [F2the Financial Conduct Authority] or an authority responsible for regulating offshore funds recognises the index on the basis that—

(i)its composition is sufficiently diverse,

(ii)it represents an adequate benchmark for the market to which it refers, and

(iii)it is published in such a way that it is widely available, and

(c)it is calculated and published by a body which is managed independently from the management of the authorised investment fund.

(4) Regulation 17 of the Offshore Funds Regulations does not apply in respect of a disposal of the interest in the non-reporting fund by the authorised investment fund.

(5) In this regulation “the relevant period” means the period—

(a)starting on the day the authorised investment fund acquires the interest in the non-reporting fund (or any part of it), and

(b)ending on the day of the disposal of the interest.

(6) In this regulation—

F3(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F4(b)“regulated market” means—

(i)a UK regulated market within the meaning given by Article 2.1(13A) of Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments,

(ii)an EU regulated market within the meaning given by Article 2.1(13B) of that Regulation, and

[F5(iii)a Gibraltar regulated market within the meaning given by Article 26(11)(b)(i) of that Regulation.]]]

Back to top

Options/Help

You have chosen to open The Whole Instrument without Schedules

The Whole Instrument without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open The Whole Instrument without Schedules as a PDF

The Whole Instrument without Schedules you have selected contains over 200 provisions and might take some time to download.

Would you like to continue?