[F1Deduction of tax from PAIF distributions (interest)U.K.
69Z23.—(1) On making a PAIF distribution (interest), an open-ended investment company to which this Part applies must deduct a sum representing income tax at the [F2basic rate] in force for the tax year in which the PAIF distribution (interest) is made.
(2) Accordingly, the sum is one to which section 874 of ITA 2007 applies.
F3(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(4) This regulation is subject to regulation 69Z24 (distribution payments to be made without deduction of tax).]
Textual Amendments
F1Pt. 4A inserted (6.4.2008) by The Authorised Investment Funds (Tax) (Amendment) Regulations 2008 (S.I. 2008/705), regs. 1, 5
F2Words in reg. 69Z23(1) substituted (1.1.2009) by The Authorised Investment Funds (Tax) (Amendment No. 3) Regulations 2008 (S.I. 2008/3159), regs. 1(1), 25(a)
F3Reg. 69Z23(3) omitted (1.1.2009) by virtue of The Authorised Investment Funds (Tax) (Amendment No. 3) Regulations 2008 (S.I. 2008/3159), regs. 1(1), 25(b)