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The Authorised Investment Funds (Tax) Regulations 2006
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- UK Statutory Instruments
- 2006 No. 964
- PART 6A
- CHAPTER 2
- Regulation 85H
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[F1The requirement to notify where regulation 85D is satisfiedU.K.
This section has no associated Explanatory Memorandum
85H—(1) The legal owner of an authorised investment fund which is a FINROF by virtue of regulation 85D must notify HM Revenue and Customs of the date on which the fund first met the investment condition within a period of 3 months beginning with the date on which the fund first met that condition.
(2) For the purposes of paragraph (1), no account shall be taken of the period before the date of any previous valid election under regulation 85Z9 (leaving the FINROF regime).
(3) An authorised investment fund that fails to comply with this regulation is liable to a penalty not exceeding £3,000 determined in accordance with section 100 of TMA 1970.
(4) Sections 100A, 100B, 102, 103(4) and 118(2) of TMA 1970 apply to a penalty determined in accordance with paragraph (3).
(5) This regulation is subject to regulation 85J (inadvertent fulfilment of investment condition).]
Textual Amendments
F1Pt. 6A inserted (with effect in accordance with reg. 1(2) of the amending S.I.) by The Authorised Investment Funds (Tax) (Amendment) Regulations 2010 (S.I. 2010/294), regs. 1(1), 21 (with regs. 25, 26)
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