[F1Leaving the FINROF regimeU.K.
85Z9.—(1) The provisions of this Part apply to a FINROF until the date specified in an election under this regulation made by the manager.
(2) An election under this regulation must be made to HM Revenue and Customs in writing and must comply with the following provisions of this regulation.
(3) An election may only be made in respect of a FINROF if—
(a)the FINROF does not meet the investment condition—
(i)at the date specified in the election, and
(ii)at the date on which the election is made,
(b)the FINROF has been subject to this Part for at least one complete accounting period, and
(c)the fund has obtained any necessary regulatory approval of the instrument constituting the fund and the prospectus.
(4) An election under this regulation must specify the date from which this Part ceases to apply to the FINROF.
(5) But the date specified in paragraph (4) must not be earlier than the date which is 3 months before the date on which the election is made.]
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)