PART 3DISTRIBUTIONS MADE BY AUTHORISED INVESTMENT FUNDS

Preliminary

Interpretation15

F11

In these Regulations—

a

“income allocation” means the distribution of an amount to participants; and

b

“distribution” includes the crediting of an amount to the capital part of the scheme property on behalf of a participant in respect of the participant’s accumulation units.

2

In these Regulations “distribution period”, in relation to an authorised investment fund, means a period by reference to which the total amount available for F2income allocation to participants is ascertained.

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4

In these Regulations the “distribution date” for a distribution period of an authorised investment fund means—

a

the date specified by or in accordance with the terms of the trust or the instrument of incorporation of the company for any distribution for that distribution period, or

b

if no date is specified, the last day of that distribution period.