PART 4THE TREATMENT OF PARTICIPANTS IN AUTHORISED INVESTMENT FUNDS
CHAPTER 3PARTICIPANTS CHARGEABLE TO CORPORATION TAX
Dividend distributions
F1Participants chargeable to corporation tax: holdings in qualified investor schemes F3and long-term asset funds where scheme does not meet the genuine diversity of ownership condition51
1
This regulation applies if—
a
a participant has a holding in a qualified investor scheme F4or a long-term asset fund, and
b
the scheme has not met the genuine diversity of ownership condition in regulation F29A in relation to an accounting period.
2
Section 212 of TCGA 1992 (annual deemed disposal of holdings of unit trusts etc.) does not apply to the participant in relation to that accounting period.
3
Paragraph 4 of Schedule 10 to FA 1996 (company holdings in unit trusts and offshore funds) shall not apply to the participant in relation to that accounting period.