PART 5COMPLIANCE

Information relating to distributions

Application of section 234A of ICTA70

1

Section 234A of ICTA M1 (information relating to distributions) applies in relation to an authorised investment fund with any necessary modifications.

2

In the appropriate statement sent under that section to a participant within the charge to corporation tax, the legal owner of the authorised investment fund must include a statement showing the legal owner's net liability to corporation tax in respect of the gross income.

3

In paragraph (2)—

  • “gross income” has the same meaning as in regulation 50, and

  • “net liability to corporation tax” is to be construed in accordance with regulation 49(3).

F14

In the case of a Property AIF and a Tax Elected Fund, an appropriate statement for the purposes of section 234A of ICTA includes a written statement—

a

showing the details specified in paragraph (5),

b

providing details to allow the participant to access an electronic means of calculating the amounts that would be shown in a written statement that would, apart from this paragraph, be provided in accordance with subsection (6) (in the case of a PAIF distribution (interest) or a TEF distribution (non-dividend)) or subsection (7) (in the case of a PAIF distribution (dividends) or a TEF distribution (dividend)) of section 234A, and

c

providing the participant with an alternative method of obtaining the details of those amounts without recourse to electronic means.

5

The specified details are—

a

the gross amount of the distribution made to the participant,

b

the number and class of units held by the participant in respect of which the distribution is made,

c

the net amount of the distribution per unit,

d

whether any tax has been deducted from the distribution,

e

the date the distribution was made, and

f

the percentage of the gross distribution attributable—

i

in the case of a Property AIF, to PAIF distribution (interest) and to PAIF distribution (dividends), or

ii

in the case of a Tax Elected Fund, to TEF distribution (dividend) and to TEF distribution (non-dividend).