The Open-ended Investment Companies (Tax) Regulations 1997

Modifications of the Income Tax (Authorised Unit Trusts) (Interest Distributions) Regulations 1994

28.—(1) The Income Tax (Authorised Unit Trusts) (Interest Distributions) Regulations 1994(1) (“the principal Regulations”) shall have effect in relation to open-ended investment companies as they have effect in relation to authorised unit trusts with the modifications specified in paragraphs (3) to (15).

(2) In paragraphs (3) to (15) “regulation”, except where the context otherwise requires, means a regulation of the principal Regulations.

(3) Regulation 2 shall be renumbered as paragraph (1) of that regulation.

(4) In regulation 2(1) for the definitions of “authorised unit trust” and “unit holder” there shall be substituted the following definition—

• ““authorised corporate director”, in relation to an open-ended investment company, has the meaning given by subsection (10) of section 468 of the Taxes Act without regard to the modification made by subsection (16) of that section, as those subsections are added by regulation 10(4) of the Open-ended Investment Companies (Tax) Regulations 1997;”.

(5) In regulation 2(1) after the definition of “interest distribution” there shall be inserted the following definitions—

• ““open-ended investment company”—

  (a)

  except as regards the reference to that expression in regulation 9(2)(a), has the meaning given by subsection (10) of section 468 of the Taxes Act without regard to the modifications made by subsections (11) to (18) of that section, as those subsections are added by regulation 10(4) of the Open-ended Investment Companies (Tax) Regulations 1997;

  (b)

  as regards that reference, has the meaning given by subsection (10) of section 468 of the Taxes Act, read with subsections (11) to (18) of that section, as those subsections are added by regulation 10(4) of the Open-ended Investment Companies (Tax) Regulations 1997;

• “owner of shares”, in relation to an open-ended investment company, has the meaning given by subsection (10) of section 468 of the Taxes Act, read with subsection (15) of that section, as those subsections are added by regulation 10(4) of the Open-ended Investment Companies (Tax) Regulations 1997;”.

(6) In regulation 2(1) after the definition of “the Tax Acts” there shall be added the following definition—

• ““umbrella company” has the meaning given by subsection (18) of section 468 of the Taxes Act, as that subsection is added by regulation 10(4) of the Open-ended Investment Companies (Tax) Regulations 1997, and references to a part of an umbrella company shall be construed in accordance with that subsection.”

(7) In regulation 2 after paragraph (1) there shall be added—

“(2) For the purposes of the definitions of “open-ended investment company” and “owner of shares” in paragraph (1), references in subsections (11) to (16) of section 468 of the Taxes Act (as added by regulation 10(4) of the Open-ended Investment Companies (Tax) Regulations 1997) to “the Tax Acts” shall be construed as if they included references to these Regulations.”

(8) In regulation 4 in the substituted section 468O(1) for the words “a unit holder” there shall be substituted the words “an owner of shares”.

(9) In regulation 5(b) in the substituted section 468P(2)(c) for the words “the trustees of the authorised unit trust” there shall be substituted the words “the open-ended investment company”.

(10) In regulation 6(2) for the words “a unit holder” there shall be substituted the words “an owner of shares”.

(11) In regulation 7(1)—

(a) for the words “the trustees of an authorised unit trust” there shall be substituted the words “an open-ended investment company”;

(b) for the words “that authorised unit trust” there shall be substituted the words “that company or, where the open-ended investment company concerned is an umbrella company, the part of that company in question”.

(12) In regulation 7(2)—

(a) for the words “the manager of an authorised unit trust” there shall be substituted the words “the authorised corporate director of an open-ended investment company”;

(b) for the words “that authorised unit trust” there shall be substituted the words “that company or, where the open-ended investment company concerned is an umbrella company, the part of that company in question”.

(13) In regulation 7(3) for the words “authorised unit trust” in both places where they occur there shall be substituted the words “open-ended investment company”.

(14) In regulation 8 for the words “The trustees or the manager of an authorised unit trust” there shall be substituted the words “An open-ended investment company or its authorised corporate director”.

(15) In regulation 9(2)—

(a) in sub-paragraph (a) for the words “the trustees of the authorised unit trust” there shall be substituted the words “the open-ended investment company”;

(b) in sub-paragraph (b) for the words “a unit holder” there shall be substituted the words “an owner of shares”.

(1)

S.I. 1994/2318.