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The Authorised Investment Funds (Tax) (Amendment) Regulations 2007

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Amendment of the Authorised Investment Funds (Tax) Regulations 2006

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2.—(1) Regulation 52A of the Authorised Investment Funds (Tax) Regulations 2006(1) is amended as follows.

(2) For paragraph (1) substitute—

“(1) This regulation applies if—

(a)conditions A to C are met, and

(b)either condition D or E is met.”.

(3) In paragraph (6) after “But” insert “for the purposes of paragraph (5)”.

(4) Insert the following paragraph after paragraph (6)—

“(6A) Condition E is that the participant is a financial trader who—

(a)owns units which represent rights to 10% or more of the net asset value of the authorised investment fund, and

(b)does not own those units as a nominee or bare trustee.”.

(5) For paragraph (11) substitute—

“(11) In this regulation—

“financial trader” means a participant who meets condition C (see paragraph (4));

“long-term business” and “long-term insurance fund” have the same meanings as in Chapter 1 of Part 12 of ICTA (insurance companies etc.).”.

(1)

S.I. 2006/964; regulation 52A was inserted by S.I. 2006/3239.

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