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The Authorised Investment Funds (Tax) Regulations 2006
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- UK Statutory Instruments
- 2006 No. 964
- PART 2
- Loan relationships: treatment of...
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Changes over time for: Cross Heading: Loan relationships: treatment of interest distributions and deficits
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Loan relationships: treatment of interest distributions and deficitsU.K.
Treatment of interest distributions for purposes of loan relationshipsU.K.
13.—(1) Chapter 2 of Part 4 of FA 1996 (loan relationships) has effect in relation to an authorised investment fund and to an interest distribution paid by that fund as it would have effect if the interest distribution were interest payable on a loan to the authorised investment fund and were, accordingly, interest under a loan relationship to which the authorised investment fund were a party.
[F1(1A) But paragraph (1) only applies to the extent that the interest distribution is derived from income in respect of which the legal owner is charged to corporation tax.]
(2) For the purposes of these Regulations, an interest distribution is treated as paid if it is credited to the capital part of the scheme property of an authorised investment fund on behalf of a participant in respect of the participant's accumulation units.
(3) This regulation is subject to regulation 14 [F2and regulation 14B (tax treatment of qualified investor schemes)].
[F3(4) In this regulation an “interest distribution” includes a TEF distribution (non-dividend) (see regulation 69Z61(3)).]
Textual Amendments
F1Reg. 13(1A) substituted (with effect in accordance with reg. 1(2) of the amending S.I.) by The Authorised Investment Funds (Tax) (Amendment) Regulations 2012 (S.I. 2012/519), regs. 1(1), 3
F2Words in reg. 13(3) inserted (1.1.2009) by The Authorised Investment Funds (Tax) (Amendment No. 3) Regulations 2008 (S.I. 2008/3159), regs. 1(1), 8
F3Reg. 13(4) inserted (1.9.2009) by The Authorised Investment Funds (Tax) (Amendment) Regulations 2009 (S.I. 2009/2036), regs. 1, 7
Treatment of deficits on loan relationshipsU.K.
14. Section 83(2)(c) of FA 1996 (carrying back of non-trading deficit on loan relationships) shall not have effect in relation to the loan relationships of an authorised investment fund (so that, accordingly, if for any accounting period there is a deficit on the loan relationships of the authorised investment fund, the deficit may not be carried back to be set off against profits for earlier accounting periods).
[F4This is subject to regulation 14B (tax treatment of qualified investor schemes)]
Textual Amendments
F4Words in reg. 14 inserted (1.1.2009) by The Authorised Investment Funds (Tax) (Amendment No. 3) Regulations 2008 (S.I. 2008/3159), regs. 1(1), 9
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