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The Authorised Investment Funds (Tax) Regulations 2006
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How tax is charged under this Chapter: corporation tax
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58.—(1) This regulation applies in the case of a participant chargeable to corporation tax.
(2) The following amounts must be calculated—
(a)the difference in value calculated by reference to each chargeable measuring date falling within an accounting period; and
(b)the aggregate amount of those differences in value.
(3) If the aggregate amount is a positive amount, the participant is charged to corporation tax under Case VI of Schedule D on that aggregate amount for that accounting period.
(4) If the aggregate amount is a negative amount, the participant is treated as if a loss of that aggregate amount had been incurred by the participant in a transaction in respect of which the participant were within the charge to corporation tax under Case VI of Schedule D.
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