[F1Elective FINROFsU.K.
85F.—(1) An authorised investment fund which does not meet the investment condition may elect to be treated as a FINROF (an “elective FINROF”).
This is subject to paragraph (4).
(2) An election under paragraph (1) must—
(a)be made in writing to HM Revenue and Customs by the manager; and
(b)specify the date from which the fund is to be so treated.
(3) But the manager must not specify a date which is more than 3 months before the date of the election mentioned in paragraph (2).
(4) Before making an election, the fund must have obtained any necessary regulatory approval in respect of the instrument constituting the fund and the prospectus.]
Textual Amendments
F1Pt. 6A inserted (with effect in accordance with reg. 1(2) of the amending S.I.) by The Authorised Investment Funds (Tax) (Amendment) Regulations 2010 (S.I. 2010/294), regs. 1(1), 21 (with regs. 25, 26)