70.—(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).
[F1(4) 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).]
Textual Amendments
F1Reg. 70(4)(5) inserted (1.9.2009) by The Authorised Investment Funds (Tax) (Amendment) Regulations 2009 (S.I. 2009/2036), regs. 1, 25
Marginal Citations
M1Section 234A was inserted by section 32(1) of the Finance (No. 2) Act 1992 (c. 48) and amended by paragraph 2(2) of Schedule 37 to the Finance Act 1996 (c. 8).