PART 4THE TREATMENT OF PARTICIPANTS IN AUTHORISED INVESTMENT FUNDS
CHAPTER 2PARTICIPANTS CHARGEABLE TO INCOME TAX
The non-liability condition
The qualifying circumstances condition40
1
The qualifying circumstances condition is met in all circumstances except those circumstances in which condition A or B applies.
2
Condition A applies if section 629 of ITTOIA 2005 (income paid to unmarried minor children of settlor) applies to the payment.
3
Condition B applies if the holding to which the qualifying certificate relates is specified in a notice which—
a
has been issued under regulation 39(6), and
b
has not been cancelled.