The Authorised Investment Funds (Tax) Regulations 2006

[F1 Clearance applications U.K.

Textual Amendments

F1 Pt. 4A inserted (6.4.2008) by The Authorised Investment Funds (Tax) (Amendment) Regulations 2008 (S.I. 2008/705), regs. 1, 5

Clearance in relation to the genuine diversity of ownership condition U.K.

69U.— (1) An application for clearance that an open-ended investment company meets the genuine diversity of ownership condition may be made in writing to HM Revenue and Customs—

(a) by the manager of an open-ended investment company, or

(b) if it is proposed to incorporate an open-ended investment company, by the applicant.

(2) An application for clearance must be accompanied by the company’s instrument of incorporation and its prospectus in the form in which it is proposed that those documents will apply at the beginning of the first accounting period in which this Part will apply to the open-ended investment company.

(3) The officer of Revenue and Customs dealing with the application for clearance may require the manager of the company to provide further particulars if the officer thinks that full particulars of the company (or of the proposed company) have not been provided.

(4) HM Revenue and Customs must notify the person making the application within 28 days of the receipt of the particulars (or, if paragraph (3) applies, of all further particulars required) that they—

(a) give clearance that the company meets the genuine diversity of ownership condition;

(b) give that clearance subject to conditions; or

(c) refuse to give that clearance.

(5) The company may not rely on a clearance given under this regulation if—

(a) at the beginning of the first accounting period in which this Part applies to the company, a relevant statement in the company’s instrument of incorporation or its prospectus is not in accordance with a relevant statement in the documents considered by HM Revenue and Customs before giving clearance,

(b) the company acts in contravention of a relevant statement in its instrument of incorporation or prospectus in issue for the time being, or

(c) the company amends a relevant statement in its instrument of incorporation or prospectus in issue for the time being.

(6) But paragraph (5)(c) does not apply if the company has obtained a clearance given under this regulation which applies to the amendment.]