Textual Amendments
F1Pt. 4A inserted (6.4.2008) by The Authorised Investment Funds (Tax) (Amendment) Regulations 2008 (S.I. 2008/705), regs. 1, 5
69Z14. The total amount shown in the distribution accounts of an open-ended investment company to which this Part applies as available for distribution to participants shall be attributed—
(a)first, to property income distributions up to the amount of the net income of F (tax-exempt) (determined in accordance with regulation 69Z1),
(b)secondly, to PAIF distributions (interest) up to the pre-distribution amount (determined in accordance with regulation 69Z3), and
(c)finally, to PAIF distributions (dividends).
69Z15.—(1) This regulation applies if—
(a)an open-ended investment company to which this Part applies makes a distribution, and
(b)the amount distributed includes sums attributed to property income distributions.
(2) The Tax Acts shall have effect as if the sums were payments made on the distribution date by the company to the participants in proportion to their rights.
(3) Regulation 69Z18 (property income distributions: liability to tax of participants) explains how a property income distribution received by a participant is treated.
(4) In these Regulations a “property income distribution” means a sum attributed to property income distributions which is distributed (including a payment made to a participant who is not chargeable to income tax or corporation tax).
69Z16.—(1) This regulation applies if—
(a)an open-ended investment company to which this Part applies makes a distribution, and
(b)the amount distributed includes sums attributed to PAIF distributions (interest).
(2) The Tax Acts shall have effect as if the sums were payments of yearly interest made on the distribution date by the company to the participants in proportion to their rights.
(3) In this Part a “PAIF distribution (interest)” means a sum attributed to PAIF distributions (interest) which is distributed (including a payment made to a participant who is not chargeable to income tax).
69Z17.—(1) This regulation applies if—
(a)an open-ended investment company to which this Part applies makes a distribution, and
(b)the amount distributed includes sums attributed to PAIF distributions (dividends).
(2) The Tax Acts shall have effect as if the sums were dividends on shares paid on the distribution date by the company to the participants in proportion to their rights.
(3) In this Part a “PAIF distribution (dividends)” means a sum attributed to PAIF distributions (dividends) which is distributed (including a dividend treated as paid to a participant who is not chargeable to corporation tax).]