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The Authorised Investment Funds (Tax) Regulations 2006
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- UK Statutory Instruments
- 2006 No. 964
- PART 4
- CHAPTER 4
- General
- Regulation 53
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Changes over time for: Section 53
Version Superseded: 01/01/2009
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- 01/04/2006- Amendment
- 01/04/2006
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Charge to tax under this ChapterU.K.
This section has no associated Explanatory Memorandum
53.—(1) A participant is charged to tax under this Chapter if the participant owns a substantial QIS holding in a qualified investor scheme.
(2) But a participant is excepted from the charge to tax under this Chapter if the participant is—
(a)a charity within the meaning of section 506(1) of ICTA;
(b)a registered pension scheme within the meaning of Part 4 of the Finance Act 2004 M1;
(c)a scheme which is treated, under paragraph 1(1) of Schedule 36 to the Finance Act 2004, as a registered pension scheme within the meaning of Part 4 of that Act;
(d)an insurance company within the meaning of section 431(2) of ICTA M2 holding the units in the qualified investor scheme as assets of its long-term insurance fund;
(e)a friendly society within the meaning of section 466(2) of ICTA M3;
(f)a person for whom any profit on a sale of the units in the qualified investor scheme would be treated as a trading profit of its trade; or
(g)a qualified investor scheme.
(3) In these Regulations a “qualified investor scheme” means a fund, authorised by the Financial Services Authority, in which a statement that the fund is a qualified investor scheme is included in the instrument constituting the scheme.
(4) In paragraph (2)(d) “long-term insurance fund” has the meaning given by section 431(2) of ICTA M4.
Marginal Citations
M2The definition of “insurance company” in section 431(2) was substituted by Article 26(3) of S.I. 2001/3629.
M3The definition of “friendly society” in section 466(2) was substituted by paragraph 14(4) of Schedule 9 to the Finance (No. 2) Act 1992 (c. 48).
M4The definition of “long-term insurance fund” was inserted (as “long term business fund”) by paragraph 1(2) of Schedule 6 to the Finance Act 1990 (c. 29), and amended by paragraphs 2(1)(b) and 2(2)(a) of Article 52 of S.I. 2001/3629.
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