The Authorised Investment Funds (Tax) Regulations 2006

[F1PART 2AU.K.Qualified Investor Schemes

Textual Amendments

Tax treatment of qualified investor schemesU.K.

14B.—(1) The provisions in paragraph (2) shall not apply to a qualified investor scheme in relation to an accounting period of the scheme unless the genuine diversity of ownership condition (see regulation [F29A]) is met in relation to that accounting period.

(2) The provisions referred to in paragraph (1) are—

(a)the provisions of Part 2 of these Regulations,

[F3(aa)the provisions of Part 4 of these Regulations,]

(b)the provisions of Part 4A of these Regulations,

(c)where the qualified investor scheme is an authorised unit trust scheme, section 468(1A) of ICTA,

(d)where the qualified investor scheme is an open-ended investment company, section 468A(1) of ICTA,

(e)in subsection (1) of section 99 of TCGA 1992 (as modified by these Regulations) the words “except that nothing in this section” to the end of that sub-section, and

(f)section 100 of TCGA 1992.

(3) Where the genuine diversity of ownership condition is not met in relation to an accounting period of the scheme—

(a)section 13A of ICTA applies to the qualified investor scheme, whether or not that section would apply apart from this sub-paragraph; and

[F4(b)the total amount available for income allocation to participants must only be allocated in accordance with paragraph (1)(b) of regulation 17 (allocation of income).]

(4) In these Regulations a “qualified investor scheme” means a fund, authorised by the Financial Services Authority, in which a statement that the fund is a qualified investor scheme is included in the instrument constituting the scheme.

F5(5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ]

Textual Amendments

F4Reg. 14B(3)(b) substituted (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), 6 (with reg. 24)

The genuine diversity of ownership conditionU.K.

F614C.  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

Clearance in relation to the genuine diversity of ownership conditionU.K.

F714D.  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments