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The Authorised Investment Funds (Tax) Regulations 2006

Type Statutory-Instrument
Publication 2006-03-29
Last updated 2021-12-09
State In force
Department King's Printer of Acts of Parliament
Source legislation.gov.uk
PDF Download
articles Not indexed
Reform history JSON API

[^key-f8fc0685a9404affc345c2fa98998fa0]: Reg. 15(3) omitted (with effect in accordance with reg. 1(2) of the amending S.I.) by virtue of The Authorised Investment Funds (Tax) (Amendment) Regulations 2010 (S.I. 2010/294), regs. 1(1), 7(4) (with reg. 24)

[^key-e54d6022fcbb19751461d0f8e7976b1d]: Reg. 17(1) substituted (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), 8(3) (with reg. 24)

[^key-56f7aec4ef0b6dbe65ff517dd40e0ab1]: Reg. 17 cross-heading omitted (with effect in accordance with reg. 1(2) of the amending S.I.) by virtue of The Authorised Investment Funds (Tax) (Amendment) Regulations 2010 (S.I. 2010/294), regs. 1(1), 8(2) (with reg. 24)

[^key-2d2f6d1f605ab80d4f9e10ce107da66b]: Reg. 17 heading substituted (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), 8(2) (with reg. 24)

[^key-e353cfb2125fed59d46a65d4beedbdcb]: Words in reg. 18(1) substituted (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), 9 (with reg. 24)

[^key-fdac2b614f5997dddf068eff1935b1eb]: Words in reg. 20 inserted (with effect in accordance with reg. 1(3) of the amending S.I.) by The Authorised Investment Funds (Tax) (Amendment) Regulations 2010 (S.I. 2010/294), regs. 1(1), 10

[^key-10f48e93f73248a6d309fb6b13039532]: Reg. 21(5A)-(5C) inserted (with effect in accordance with reg. 1(3) of the amending S.I.) by The Authorised Investment Funds (Tax) (Amendment) Regulations 2010 (S.I. 2010/294), regs. 1(1), 11

[^key-8a859dd2189cce6ce32c99f078e37ec8]: Words in reg. 22(1) substituted (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), 12 (with reg. 24)

[^key-2f49b9e6fbc6bd8de6e1876ff9af182c]: Reg. 23(3)(a)(b) substituted (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), 13(2) (with reg. 24)

[^key-ab7063a2836e3414bbe50d541e042f89]: Words in reg. 23(7) substituted (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), 13(3) (with reg. 24)

[^key-745c9cc6f3ba98737de5f988dd441b70]: Words in reg. 48(2A) substituted (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), 14

[^key-2571ebeffe51f5f62a34c243964d8684]: Reg. 50 substituted (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), 15 (with reg. 24)

[^key-492b88b0895e46079ca6078ee2c344f4]: Reg. 69Z14 heading substituted (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), 16(2) (with reg. 24)

[^key-1a7e32075f6c0ba3147b3fbfc4158264]: Words in reg. 69Z14 substituted (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), 16(3) (with reg. 24)

[^key-cba6074028df90433b41a95abbd41e4e]: Words in reg. 69Z25(3)(b) substituted (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), 17 (with reg. 24)

[^key-b676fadf7d559a6bc010e54ef31cf188]: Word in reg. 69Z51(5)(b)(ii) omitted (with effect in accordance with reg. 1(2) of the amending S.I.) by virtue of The Authorised Investment Funds (Tax) (Amendment) Regulations 2010 (S.I. 2010/294), regs. 1(1), 23(4)(a)

[^key-01fe44b42f348f1ad1b1f0199c653ab1]: Words in reg. 69Z51(5)(b)(ii) omitted (with effect in accordance with reg. 1(2) of the amending S.I.) by virtue of The Authorised Investment Funds (Tax) (Amendment) Regulations 2010 (S.I. 2010/294), regs. 1(1), 23(4)(b)

[^key-2d933a33935f7cca9a5f37bd5f6cd159]: Reg. 69Z59 heading substituted (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), 18(2) (with reg. 24)

[^key-0d9896a8c36fa24e35664feac9a1b525]: Reg. 69Z59(1) substituted (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), 18(3) (with reg. 24)

[^key-e3a0812d1bcf77859270e9133fc4d912]: Reg. 69Z62(2)(b) substituted (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), 19 (with reg. 24)

[^key-5a17e509520d9ed0c7ec7fdaeb4b30d8]: Reg. 77(1) substituted (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), 20 (with reg. 24)

[^key-7fa8af2faf3369419a56a0b62b5aa1b5]: Words in reg. 77(4)(a) omitted (with effect in accordance with reg. 1(2) of the amending S.I.) by virtue of The Authorised Investment Funds (Tax) (Amendment) Regulations 2010 (S.I. 2010/294), regs. 1(1), 23(1)

[^key-e7d651ce46fa813c235c276ae9ffac81]: Pt. 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)

[^key-16274a5bc1044b640765afdf472dcc67]: Words in Sch. Pt. 2 omitted (with effect in accordance with reg. 1(2) of the amending S.I.) by virtue of The Authorised Investment Funds (Tax) (Amendment) Regulations 2010 (S.I. 2010/294), regs. 1(1), 22(2)(a)

[^key-1b940bb8b61b23296d2b900bda345e48]: Words in Sch. Pt. 2 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), 22(2)(b)

[^key-b184df80149fda14e01d912553d301aa]: Reg. 69E(4) omitted (with effect in accordance with reg. 1(2) of the amending S.I.) by virtue of The Authorised Investment Funds (Tax) (Amendment) Regulations 2010 (S.I. 2010/294), regs. 1(1), 23(3)

[^key-b34c09668a9ac259204713509e0e6a69]: Words in reg. 69E(2) omitted (with effect in accordance with reg. 1(2) of the amending S.I.) by virtue of The Authorised Investment Funds (Tax) (Amendment) Regulations 2010 (S.I. 2010/294), regs. 1(1), 23(2)

[^key-e39a4e349a47b8706ea6ee7b0392c9ce]: Word in reg. 69Q(5)(b)(ii) omitted (with effect in accordance with reg. 1(2) of the amending S.I.) by virtue of The Authorised Investment Funds (Tax) (Amendment) Regulations 2010 (S.I. 2010/294), regs. 1(1), 23(4)(a)

[^key-498787df7e8ee39d0cbd6e030310871e]: Words in reg. 69Q(5)(b)(ii) omitted (with effect in accordance with reg. 1(2) of the amending S.I.) by virtue of The Authorised Investment Funds (Tax) (Amendment) Regulations 2010 (S.I. 2010/294), regs. 1(1), 23(4)(b)

[^key-720b02fab9120b5f79497ca17fd2506e]: Reg. 88 revoked (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2)

[^M_F_e4f469c9-cea1-46d4-a4a1-18ef7a77a0ff]: Words in reg. 96(5) revoked (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2)

[^key-976e7cf24e82587802929c1d9fe3d75e]: Words in reg. 48(2)(b) substituted (with effect in accordance with reg. 1(2) of the amending S.I.) by The Authorised Investment Funds (Tax) (Amendment No. 2) Regulations 2010 (S.I. 2010/1642), regs. 1(1), 4(2)

[^key-0980b74e68250fe502d1339b2061c6ee]: Reg. 48(2C) inserted (with effect in accordance with reg. 1(2) of the amending S.I.) by The Authorised Investment Funds (Tax) (Amendment No. 2) Regulations 2010 (S.I. 2010/1642), regs. 1(1), 4(3)

[^key-bb8419411560bb09504dd6e675e4e67e]: Regs. 48A, 48B inserted (with effect in accordance with reg. 1(2) of the amending S.I.) by The Authorised Investment Funds (Tax) (Amendment No. 2) Regulations 2010 (S.I. 2010/1642), regs. 1(1), 5

[^key-533b61ea700b81718f36175ca73941e8]: Reg. 52 omitted (with effect in accordance with reg. 1(2) of the amending S.I.) by virtue of The Authorised Investment Funds (Tax) (Amendment No. 2) Regulations 2010 (S.I. 2010/1642), regs. 1(1), 6

[^key-80aafab1af28fff3cb5336d9bf5d9d01]: Reg. 52A omitted (with effect in accordance with reg. 1(2) of the amending S.I.) by virtue of The Authorised Investment Funds (Tax) (Amendment No. 2) Regulations 2010 (S.I. 2010/1642), regs. 1(1), 7

[^key-029b9433a518dbb5dc09cf5e78dcac13]: Words in Sch. Pt. 1 inserted (with effect in accordance with reg. 1(2) of the amending S.I.) by The Authorised Investment Funds (Tax) (Amendment No. 2) Regulations 2010 (S.I. 2010/1642), regs. 1(1), 8

[^key-b4b434b6dad6566189423df2976402b3]: Words in reg. 8 inserted (with effect in accordance with reg. 1(2) of the amending S.I.) by The Authorised Investment Funds (Tax) (Amendment) Regulations 2011 (S.I. 2011/244), regs. 1(1), 3(2) (with reg. 8)

[^key-8d8b46e10ea6c3df5c74a9949033a277]: Words in reg. 8 inserted (with effect in accordance with reg. 1(2) of the amending S.I.) by The Authorised Investment Funds (Tax) (Amendment) Regulations 2011 (S.I. 2011/244), regs. 1(1), 3(3) (with reg. 8)

[^key-096b5b6985f90b2fec60ce9683951429]: Words in reg. 8 inserted (with effect in accordance with reg. 1(2) of the amending S.I.) by The Authorised Investment Funds (Tax) (Amendment) Regulations 2011 (S.I. 2011/244), regs. 1(1), 3(4) (with reg. 8)

[^key-f173e63a22d663113efe68ca36ee0537]: Regs. 14ZA-14ZC and cross-heading inserted (with effect in accordance with reg. 1(2) of the amending S.I.) by The Authorised Investment Funds (Tax) (Amendment) Regulations 2011 (S.I. 2011/244), regs. 1(1), 4 (with reg. 8)

[^key-97fc847a229f99a5e647a7e9fe7ebf1f]: Words in reg. 85C omitted (with effect in accordance with reg. 1(2) of the amending S.I.) by virtue of The Authorised Investment Funds (Tax) (Amendment) Regulations 2011 (S.I. 2011/244), regs. 1(1), 9(1) (with reg. 8)

[^key-80412e11ef00e652af05cc4aeb9f5a2f]: Figure in reg. 85D(1) substituted (6.3.2011) by The Authorised Investment Funds (Tax) (Amendment) Regulations 2011 (S.I. 2011/244), regs. 1(1), 5 (with reg. 8)

[^key-426eafb8e1245f98ab4d5b97b245a3a9]: Reg. 85E(2) substituted (with effect in accordance with reg. 1(2) of the amending S.I.) by The Authorised Investment Funds (Tax) (Amendment) Regulations 2011 (S.I. 2011/244), regs. 1(1), 6(2) (with reg. 8)

[^key-fc8e2ac529c8891cf5b4999ddca71fdc]: Words in Sch. Pt. 2 omitted (with effect in accordance with reg. 1(2) of the amending S.I.) by virtue of The Authorised Investment Funds (Tax) (Amendment) Regulations 2011 (S.I. 2011/244), regs. 1(1), 7(2)(a) (with reg. 8)

[^key-f06c20b6feca6074b3742d83766b3e08]: Words in Sch. Pt. 2 inserted (with effect in accordance with reg. 1(2) of the amending S.I.) by The Authorised Investment Funds (Tax) (Amendment) Regulations 2011 (S.I. 2011/244), regs. 1(1), 7(2)(b) (with reg. 8)

[^key-94ea34a2adbca464d2d5fb0afc78905d]: Words in reg. 9A(8) omitted (with effect in accordance with reg. 1(2) of the amending S.I.) by virtue of The Authorised Investment Funds (Tax) (Amendment No. 2) Regulations 2011 (S.I. 2011/2192), regs. 1(1), 3(a)

[^key-ab3c5646cf6900ef5b0b5c45e07c310e]: Words in reg. 9A(8)(a) inserted (with effect in accordance with reg. 1(2) of the amending S.I.) by The Authorised Investment Funds (Tax) (Amendment No. 2) Regulations 2011 (S.I. 2011/2192), regs. 1(1), 3(b)

[^key-41cfdf8ce18a10730052a08478524d2f]: Reg. 14ZD and cross-heading inserted (with effect in accordance with reg. 1(2) of the amending S.I.) by The Authorised Investment Funds (Tax) (Amendment No. 2) Regulations 2011 (S.I. 2011/2192), regs. 1(1), 4

[^key-295c65a3894483984ceb1d81e74a4ae6]: Word in reg. 20 substituted (with effect in accordance with reg. 1(2) of the amending S.I.) by The Authorised Investment Funds (Tax) (Amendment No. 2) Regulations 2011 (S.I. 2011/2192), regs. 1(1), 5

[^key-4a82b1d52b3921937d81e29b751eca16]: Reg. 69F(7) omitted (with effect in accordance with reg. 1(2) of the amending S.I.) by virtue of The Authorised Investment Funds (Tax) (Amendment No. 2) Regulations 2011 (S.I. 2011/2192), regs. 1(1), 6

[^key-8502df23de70a5da412b38589f293f72]: Reg. 13(1A) substituted (with effect in accordance with reg. 1(2) of the amending S.I.) by The Authorised Investment Funds (Tax) (Amendment) Regulations 2012 (S.I. 2012/519), regs. 1(1), 3

[^key-7a2710c8d522c2f69f49ffeced5555f7]: Words in reg. 22(2) inserted (with effect in accordance with reg. 1(2) of the amending S.I.) by The Authorised Investment Funds (Tax) (Amendment) Regulations 2012 (S.I. 2012/519), regs. 1(1), 4

[^key-cb6a351471b38a70eb36b89e80badd8f]: Words in reg. 48(2) substituted (with effect in accordance with reg. 1(2) of the amending S.I.) by The Authorised Investment Funds (Tax) (Amendment) Regulations 2012 (S.I. 2012/519), regs. 1(1), 5(2)

[^key-11c486c8d1e247998eb0246e4e7fe150]: Reg. 48(2BA)-(2BC) inserted (with effect in accordance with reg. 1(2) of the amending S.I.) by The Authorised Investment Funds (Tax) (Amendment) Regulations 2012 (S.I. 2012/519), regs. 1(1), 5(3)

[^key-00f965a041a937d42f00ed17d4f2e9be]: Reg. 49(2A) omitted (with effect in accordance with reg. 1(3) of the amending S.I.) by virtue of The Authorised Investment Funds (Tax) (Amendment) Regulations 2012 (S.I. 2012/519), regs. 1(1), 6(3)

[^key-46b489b2d10bade962d05e22a75f778f]: Words in reg. 49(2) substituted (with effect in accordance with reg. 1(3) of the amending S.I.) by The Authorised Investment Funds (Tax) (Amendment) Regulations 2012 (S.I. 2012/519), regs. 1(1), 6(2)

[^key-a7ee50294412c95195e7fa613db521ac]: Word in reg. 93 substituted (with effect in accordance with reg. 1(2) of the amending S.I.) by The Authorised Investment Funds (Tax) (Amendment) Regulations 2012 (S.I. 2012/519), regs. 1(1), 7

[^key-5b110938c64f65631dda01ef78baa867]: Reg. 96A inserted (with effect in accordance with reg. 1(2) of the amending S.I.) by The Authorised Investment Funds (Tax) (Amendment) Regulations 2012 (S.I. 2012/519), regs. 1(1), 8

[^key-7853dafa6d1497d932f239231c8bc4d6]: Reg. 69C(4) inserted (with effect in accordance with reg. 1(2) of the amending S.I.) by The Authorised Investment Funds (Tax) (Amendment) Regulations 2012 (S.I. 2012/1783), regs. 1(1), 3

[^key-ab1d7c50d09ca8fc955840f12180887d]: Regs. 69Z24E-69Z24H and cross-heading inserted (with effect in accordance with reg. 1(2) of the amending S.I.) by The Authorised Investment Funds (Tax) (Amendment) Regulations 2012 (S.I. 2012/1783), regs. 1(1), 4

[^key-9a99727db3b25ad78c19845f4240577b]: Words in Sch. Pt. 2 inserted (with effect in accordance with reg. 1(2) of the amending S.I.) by The Authorised Investment Funds (Tax) (Amendment) Regulations 2012 (S.I. 2012/1783), regs. 1(1), 5

[^key-95f784e9cf930b57bbfc8c0e1d820394]: Words in reg. 48(2A) inserted (1.1.2013) by The Authorised Investment Funds (Tax) (Amendment No. 3) Regulations 2012 (S.I. 2012/3043), regs. 1(2), 2(2) (with reg. 1(2))

[^key-d3c12a6779537ba66ab8275f24a1c504]: Words in Sch. Pt. 1 inserted (1.1.2013) by The Authorised Investment Funds (Tax) (Amendment No. 3) Regulations 2012 (S.I. 2012/3043), regs. 1(2), 2(3) (with reg. 1(2))

[^key-5cbb36f0a97153625bdcf579094ef94f]: Words in reg. 8 inserted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 115(a)

[^key-52978d66bd499c0ce43f8882e6802436]: Words in reg. 14B(4) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 115(b)

[^key-5e6d64da051054f00a442d07ff09d9f1]: Words in reg. 23(2) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 115(b)

[^key-491c23c52ff6ee42a8b457f833574544]: Words in reg. 69Q(3)(c) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 115(b)

[^key-b6293e389ad455eb93aa9b940bd256b5]: Words in reg. 69Q(5)(c) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 115(b)

[^key-46563d812314e4cc6620762279847011]: Words in reg. 69Z51(3)(e) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 115(b)

[^key-2728b64d947db8e324fe0b5ca4b0dff9]: Words in reg. 69Z51(5)(c) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 115(b)

[^key-8cdf38d1e04c131b9f7a4da3d78099f9]: Words in reg. 69Z53(5)(b) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 115(b)

[^key-d861cd2b8d2ea1fccfac309a77ddc16c]: Reg. 100(3)(b) omitted (8.6.2013) by virtue of The Collective Investment Schemes (Tax Transparent Funds, Exchanges, Mergers and Schemes of Reconstruction) Regulations 2013 (S.I. 2013/1400), regs. 1(1), 14(a) (with reg. 1(2))

[^key-341d591e67bdedc71c341ebbe1e4941a]: Reg. 102(2)(b) omitted (8.6.2013) by virtue of The Collective Investment Schemes (Tax Transparent Funds, Exchanges, Mergers and Schemes of Reconstruction) Regulations 2013 (S.I. 2013/1400), regs. 1(1), 14(b) (with reg. 1(2))

[^key-0bd602102093f01f66eef31609daa035]: Reg. 104(2)(b) omitted (8.6.2013) by virtue of The Collective Investment Schemes (Tax Transparent Funds, Exchanges, Mergers and Schemes of Reconstruction) Regulations 2013 (S.I. 2013/1400), regs. 1(1), 14(c) (with reg. 1(2))

[^key-42127dff1a85d535bc40356be04708c5]: Reg. 106 omitted (8.6.2013) by virtue of The Collective Investment Schemes (Tax Transparent Funds, Exchanges, Mergers and Schemes of Reconstruction) Regulations 2013 (S.I. 2013/1400), regs. 1(1), 14(d) (with reg. 1(2))

[^key-14ba4d89b07705dc6d9f7ba8e4589c39]: Reg. 109(2)(a) and word omitted (8.6.2013) by virtue of The Collective Investment Schemes (Tax Transparent Funds, Exchanges, Mergers and Schemes of Reconstruction) Regulations 2013 (S.I. 2013/1400), regs. 1(1), 14(e) (with reg. 1(2))

[^key-266f32755851ef65e8c3e47fc7ef1d96]: Regs. 46A, 46B and cross-heading inserted (with effect in accordance with reg. 1(2) of the amending S.I.) by The Authorised Investment Funds (Tax) (Amendment) Regulations 2013 (S.I. 2013/1772), regs. 1(1), 2(2)

[^key-aebd01aace89d8a755ea11eefb38babd]: Words in reg. 26(2) substituted (with effect in accordance with reg. 1(2)(a) of the amending S.I.) by The Authorised Investment Funds (Tax) (Amendment) (No. 2) Regulations 2013 (S.I. 2013/2994), regs. 1(1), 3(a)

[^key-e12d0a2eed35b9da083488cf3f940d54]: Word in reg. 26(4)(c) omitted (with effect in accordance with reg. 1(2)(b) of the amending S.I.) by virtue of The Authorised Investment Funds (Tax) (Amendment) (No. 2) Regulations 2013 (S.I. 2013/2994), regs. 1(1), 3(b)(i)

[^key-016f5be958d23256567041e28f30f70a]: Reg. 26(4)(f) and preceding word inserted (with effect in accordance with reg. 1(2)(b) of the amending S.I.) by The Authorised Investment Funds (Tax) (Amendment) (No. 2) Regulations 2013 (S.I. 2013/2994), regs. 1(1), 3(b)(ii)

[^key-d508dfe5f2c3ffbe6c2668452f2000f1]: Reg. 33A inserted (with effect in accordance with reg. 1(2)(b) of the amending S.I.) by The Authorised Investment Funds (Tax) (Amendment) (No. 2) Regulations 2013 (S.I. 2013/2994), regs. 1(1), 4

[^key-3fbad945f9eb121eae89bfb589f4245d]: Words in reg. 46A(6) substituted (with effect in accordance with reg. 1(2)(b) of the amending S.I.) by The Authorised Investment Funds (Tax) (Amendment) (No. 2) Regulations 2013 (S.I. 2013/2994), regs. 1(1), 5

[^key-be4234a402ac585c1eebe5bb032f01ce]: Words in reg. 46B(1)(b) substituted (with effect in accordance with reg. 1(2)(b) of the amending S.I.) by The Authorised Investment Funds (Tax) (Amendment) (No. 2) Regulations 2013 (S.I. 2013/2994), regs. 1(1), 6

[^key-68805eeb4048ac35bad02ccd7d4f6254]: Words in reg. 69F(1)(c) substituted (1.4.2014) by The Real Estate Investment Trust (Amendments to the Corporation Tax Act 2010 and Consequential Amendments) Regulations 2014 (S.I. 2014/518), regs. 1(1), 3(2)(a) (with reg. 1(2)-(4))

[^key-ee863f5f349b05bf823acca293acf24a]: Words in reg. 69F(2) substituted (1.4.2014) by The Real Estate Investment Trust (Amendments to the Corporation Tax Act 2010 and Consequential Amendments) Regulations 2014 (S.I. 2014/518), regs. 1(1), 3(2)(b) (with reg. 1(2)-(4))

[^key-83d0c0a7bddaa09ce8e2fc51ed15fc93]: Reg. 69F(3)-(6) omitted (1.4.2014) by virtue of The Real Estate Investment Trust (Amendments to the Corporation Tax Act 2010 and Consequential Amendments) Regulations 2014 (S.I. 2014/518), regs. 1(1), 3(2)(c) (with reg. 1(2)-(4))

[^key-5910aac6bf2555de51d072d0a846777e]: Words in Sch. Pt. 1 inserted (1.4.2014) by The Real Estate Investment Trust (Amendments to the Corporation Tax Act 2010 and Consequential Amendments) Regulations 2014 (S.I. 2014/518), regs. 1(1), 3(3) (with reg. 1(2)-(4))

[^key-01d7f09d316e59712a1564f4c95e799a]: Word in reg. 27(3) omitted (with effect in accordance with reg. 1(2)(c) of the amending S.I.) by virtue of The Authorised Investment Funds (Tax) (Amendment) (No. 2) Regulations 2013 (S.I. 2013/2994), regs. 1(1), 7

[^key-9da179af6532762e55559076e8380ab2]: Word in reg. 29(5) omitted (with effect in accordance with reg. 1(2)(c) of the amending S.I.) by virtue of The Authorised Investment Funds (Tax) (Amendment) (No. 2) Regulations 2013 (S.I. 2013/2994), regs. 1(1), 8

[^key-0fd290507fed1cb0fd3b6b20c5508879]: Word in reg. 30(2) omitted (with effect in accordance with reg. 1(2)(d) of the amending S.I.) by virtue of The Authorised Investment Funds (Tax) (Amendment) (No. 2) Regulations 2013 (S.I. 2013/2994), regs. 1(1), 9(a)

[^key-c3e28eea2521f51e6d30c1715552ae2e]: Word in reg. 30(3)(b) omitted (with effect in accordance with reg. 1(2)(d) of the amending S.I.) by virtue of The Authorised Investment Funds (Tax) (Amendment) (No. 2) Regulations 2013 (S.I. 2013/2994), regs. 1(1), 9(a)

[^key-f7b29f71db68ff14a9c1e5c70d763169]: Word in reg. 30(4)(b) omitted (with effect in accordance with reg. 1(2)(d) of the amending S.I.) by virtue of The Authorised Investment Funds (Tax) (Amendment) (No. 2) Regulations 2013 (S.I. 2013/2994), regs. 1(1), 9(a)

[^key-563b2cfc4d15a72387cea68bc242d4c1]: Words in reg. 30(5) substituted (with effect in accordance with reg. 1(2)(d) of the amending S.I.) by The Authorised Investment Funds (Tax) (Amendment) (No. 2) Regulations 2013 (S.I. 2013/2994), regs. 1(1), 9(b)

[^key-41e02888555a9a656b1b52892a032485]: Words in reg. 30(6)(b) omitted (with effect in accordance with reg. 1(2)(d) of the amending S.I.) by virtue of The Authorised Investment Funds (Tax) (Amendment) (No. 2) Regulations 2013 (S.I. 2013/2994), regs. 1(1), 9(c)

[^key-3a3abaf98238f09788c44447f83501a0]: Word in reg. 31(2)(b) omitted (with effect in accordance with reg. 1(2)(d) of the amending S.I.) by virtue of The Authorised Investment Funds (Tax) (Amendment) (No. 2) Regulations 2013 (S.I. 2013/2994), regs. 1(1), 10(a)

[^key-eae198b07306c38a60ac464c9bd1f992]: Words in reg. 31(4)(c)(ii)(iii) omitted (with effect in accordance with reg. 1(2)(d) of the amending S.I.) by virtue of The Authorised Investment Funds (Tax) (Amendment) (No. 2) Regulations 2013 (S.I. 2013/2994), regs. 1(1), 10(b)

[^key-363e111429ff86109ce1881fc69ad6a8]: Words in reg. 33(3)(4) omitted (with effect in accordance with reg. 1(2)(d) of the amending S.I.) by virtue of The Authorised Investment Funds (Tax) (Amendment) (No. 2) Regulations 2013 (S.I. 2013/2994), regs. 1(1), 11

[^key-ca93cc4e7cc85be1ed13ca24c99f08dc]: Words in reg. 14E(5) substituted (with effect in accordance with reg. 1(2) of the amending S.I.) by The Investment Transactions (Tax) Regulations 2014 (S.I. 2014/685), regs. 1(1), 7(2)

[^key-7a6488db0f068cfcc321df0038f03471]: Regs. 14F-14N omitted (with effect in accordance with reg. 1(2) of the amending S.I.) by virtue of The Investment Transactions (Tax) Regulations 2014 (S.I. 2014/685), regs. 1(1), 7(3)

[^key-124c1d60a87a1ddfc29024ec4a2e8337]: Words in Sch. Pt. 2 omitted (with effect in accordance with reg. 1(2) of the amending S.I.) by virtue of The Investment Transactions (Tax) Regulations 2014 (S.I. 2014/685), regs. 1(1), 7(4)

[^key-f61679172af3a3c7b630cd40b4c4380b]: Reg. 14A omitted (with effect in accordance with reg. 1(2) of the amending S.I.) by virtue of The Stamp Duty Reserve Tax (Finance Act 1999, Schedule 19) (Consequential Amendments) Regulations 2014 (S.I. 2014/1932), regs. 1(1), 4(2)

[^key-4ad48773edf76371544b91f725d514f1]: Words in reg. 13(1A) inserted (with effect in accordance with reg. 1(2)(3) of the amending S.I.) by The Authorised Investment Funds (Tax) (Amendment) Regulations 2015 (S.I. 2015/485), regs. 1(1), 2(4)

[^key-2593be7584520be4f7a759366e67f461]: Reg. 17(2) omitted (with effect in accordance with reg. 1(2)(3) of the amending S.I.) by virtue of The Authorised Investment Funds (Tax) (Amendment) Regulations 2015 (S.I. 2015/485), regs. 1(1), 2(5)

[^key-228ac78215321e06fdb53d39bbbf5c48]: Words in reg. 12A cross-heading omitted (with effect in accordance with reg. 1(2)(3) of the amending S.I.) by virtue of The Authorised Investment Funds (Tax) (Amendment) Regulations 2015 (S.I. 2015/485), regs. 1(1), 2(2)

[^key-6e405012e9563948d042783c45a8dc7e]: Reg. 12A inserted (with effect in accordance with reg. 1(2)(3) of the amending S.I.) by The Authorised Investment Funds (Tax) (Amendment) Regulations 2015 (S.I. 2015/485), regs. 1(1), 2(3)

[^key-f25db210cfbe1d37852c95097289f3df]: Reg. 108(2) omitted (with effect in accordance with reg. 1(2)(3) of the amending S.I.) by virtue of The Market Value of Shares, Securities and Strips Regulations 2015 (S.I. 2015/616), regs. 1(1), 4 (with reg. 2(2))

[^key-6a9fc5169d68dba56647341469e5ecd5]: Reg. 9A(2)(a) applied by Finance Act 2003 (c. 14), Sch. 7A para. 8(4) (as inserted (with effect in accordance with Sch. 16 para. 15) by Finance Act 2016 (c. 24), Sch. 16 para. 4)

[^key-10b9a946c55629c31932f5882a143297]: Reg. 9A applied by Taxation of Chargeable Gains Act 1992 (c. 12), Sch. 7AC para. 30A(1) (as inserted (with effect in accordance with s. 28(7) of the amending Act) by Finance (No. 2) Act 2017 (c. 32), s. 28(5))

[^key-9160cddf102ec7b8699c31ada1e7a07f]: Reg. 18(2A) inserted (29.12.2017) by The Corporate Interest Restriction (Consequential Amendments) Regulations 2017 (S.I. 2017/1227), regs. 1, 2(2)

[^key-c593a90062d4fef8fc1b064661e5b449]: Reg. 69Z16(2A) inserted (29.12.2017) by The Corporate Interest Restriction (Consequential Amendments) Regulations 2017 (S.I. 2017/1227), regs. 1, 2(3)

[^key-edd31d88892d2b065a072b5ec6397721]: Reg. 69Z61(2A) inserted (29.12.2017) by The Corporate Interest Restriction (Consequential Amendments) Regulations 2017 (S.I. 2017/1227), regs. 1, 2(4)

[^key-fda0016586704cad0e4adb0cfe3a4636]: Reg. 14ZD(6)(b) substituted (31.12.2020) by The Taxes (Amendments) (EU Exit) Regulations 2019 (S.I. 2019/689), regs. 1, 28(2)(b)(ii) (with regs. 39-41); 2020 c. 1, Sch. 5 para. 1(1)

[^key-2557844239e9be6b1dabba71e9d95721]: Words in reg. 14ZD(3)(b) substituted (31.12.2020) by The Taxes (Amendments) (EU Exit) Regulations 2019 (S.I. 2019/689), regs. 1, 28(2)(a) (with regs. 39-41); 2020 c. 1, Sch. 5 para. 1(1)

[^key-d057eee545152da2a87b0ef0142c8210]: Reg. 14ZD(6)(a) and word omitted (31.12.2020) by virtue of The Taxes (Amendments) (EU Exit) Regulations 2019 (S.I. 2019/689), regs. 1, 28(2)(b)(i) (with regs. 39-41); 2020 c. 1, Sch. 5 para. 1(1)

[^key-53b2d91ae1f8b5952384eeb459ba6ad0]: Reg. 14ZD(6)(b)(iii) substituted (31.12.2020) by The Taxes (Amendments) (EU Exit) (No. 2) Regulations 2019 (S.I. 2019/818), regs. 1(3), 9(2); 2020 c. 1, Sch. 5 para. 1(1)

[^key-0f1c10a04226240dbd515a7ae36b1f13]: Pt. 2AA inserted (9.12.2021) by The Authorised Investment Funds (Tax) (Amendment) Regulations 2021 (S.I. 2021/1270), regs. 1, 3(2)

[^key-a6332a483f9cbf0e5cc2f6d1333aeffa]: Words in reg. 51 heading inserted (9.12.2021) by The Authorised Investment Funds (Tax) (Amendment) Regulations 2021 (S.I. 2021/1270), regs. 1, 3(3)

[^key-29d9ae77ff4569cd7b21837dc5f76956]: Words in Sch. Pt. 2 inserted (9.12.2021) by The Authorised Investment Funds (Tax) (Amendment) Regulations 2021 (S.I. 2021/1270), regs. 1, 3(5)

[^key-ca1d8e621f4b8fa5848fe673e3693bd6]: Reg. 9A(8A)-(8H) inserted (9.12.2021) by The Authorised Investment Funds (Tax) (Amendment) Regulations 2021 (S.I. 2021/1270), regs. 1, 3(1)

[^key-1f2f8cae9853a984980108838e66589b]: Reg. 14B(3)(c) and word inserted (9.12.2021) by The Authorised Investment Funds (Tax) (Amendment) Regulations 2021 (S.I. 2021/1270), regs. 1, 4(b)

[^key-d4538e5df0adb04682302dad4287bb57]: Reg. 14B(3)(a) omitted (9.12.2021) by virtue of The Authorised Investment Funds (Tax) (Amendment) Regulations 2021 (S.I. 2021/1270), regs. 1, 4(a)

[^key-195094faa4071988b5a9348f0c51b2f8]: Words in reg. 51(1)(a) inserted (9.12.2021) by The Authorised Investment Funds (Tax) (Amendment) Regulations 2021 (S.I. 2021/1270), regs. 1, 3(4)

Banks and other financial traders: treatment of certain amounts of tax as foreign tax

52A

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Modifications of TMA 1970

93A
  • (1) TMA 1970 is modified as follows.
  • (2) In section 98(4E) (special returns etc.)—
  • (a) in paragraph (a) for “trustees of an authorised unit trust” substitute “legal owner of an authorised investment fund”;
  • (b) in paragraph (b)—
  • (i) for “trustees” substitute “legal owner”, and
  • (ii) for “do not comply” substitute “does not comply”; and
  • (c) in paragraph (d) for “trustees” substitute “legal owner”.

Modifications of ICTA

Modifications of FA 1996

Modifications of ITTOIA 2005

PART4A — PROPERTY AIFS

CHAPTER1 — PRELIMINARY PROVISIONS

Property AIFs

69A
  • (1) This Part enables an open-ended investment company which meets the conditions in regulations 69D to 69O—
  • (a) to benefit from the exemption from corporation tax in accordance with regulation 69Y(1), and
  • (b) to have liabilities to tax imposed on the company and on participants in accordance with Chapters 3, 4 and 5 of this Part.
  • (2) In these Regulations an open-ended investment company to which this Part applies may be referred to as a “Property AIF”.

Structure of this Part

69B

The structure of this Part of these Regulations is as follows—

  • This Chapter contains preliminary provisions;
  • Chapter 2 deals with entry into and membership of the Property AIF regime;
  • Chapter 3 deals with the tax treatment of Property AIFs;
  • Chapter 4 deals with distributions made by Property AIFs;
  • Chapter 5 deals with the treatment of participants in Property AIFs;
  • Chapter 6 deals with compliance in relation to the Property AIF regime; and
  • Chapter 7 contains provisions relating to an open-ended investment company’s leaving the Property AIF regime.

Key concepts

69C
  • (1) In this Part “entry” means the time when this Part begins to apply to an open-ended investment company.
  • (2) In this Part “cessation” means the time when this Part ceases to apply to an open-ended investment company.
  • (3) In this Part, in relation to an open-ended investment company—
  • (a) “F (pre-entry)” means the open-ended investment company before this Part begins to apply to it,
  • (b) “F (tax-exempt)” means the open-ended investment company in so far as it carries on property investment business (within the meaning of regulation 69F) while this Part applies to it,
  • (c) “F (residual)” means the open-ended investment company in so far as it carries on business other than property investment business while this Part applies to it, and
  • (d) “F (post-cessation)” means the open-ended investment company after this Part has ceased to apply to it.
  • (4) In this Part, a “dedicated feeder fund” in relation to a property AIF means a fund which—
  • (a) is a unit trust scheme;
  • (b) is dedicated to investment in the property AIF for which it is a feeder fund (in accordance with its prospectus); and
  • (c) holds at least 85% of its assets in the form of shares in that property AIF.

CHAPTER2 — ENTRY INTO AND MEMBERSHIP OF THE PROPERTY AIF REGIME

Conditions of membership of the Property AIF regime

Conditions for this Part to apply to company

69D

In order for this Part to apply to an open-ended investment company in respect of an accounting period, the following conditions must be met—

  • (a) the property investment business condition (see regulation 69E);
  • (b) the genuine diversity of ownership condition (see regulation 9A);
  • (c) the corporate ownership condition (see regulation 693K);
  • (d) the loan creditor condition (see regulation 694M);
  • (e) the balance of business conditions (see regulation 69N); and
  • (f) the notification condition (see regulation 69O).

The property investment business condition

The property investment business condition

69E
  • (1) The property investment business condition is that the open-ended investment company must meet conditions A and B throughout the accounting period.
  • (2) Condition A is that the company’s instrument of incorporation and its prospectus ... include a statement that the company’s investment objectives are—
  • (a) to carry on property investment business, and
  • (b) to manage cash raised from investors for investment in the property investment business.
  • (3) Condition B is that the company must carry on property investment business.
  • (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Meaning of “property investment business”

69F
  • (1) In this Part “property investment business” means business consisting of any one or more of—
  • (a) property rental business (see regulation 69H);
  • (b) owning shares in UK-REITs; and
  • (c) owning shares or units in an entity within section 528(4A)(j) of CTA 2010 (overseas equivalent to UK REIT).
  • (2) In these Regulations “UK-REIT” has the meaning given in section 518(4) of CTA 2010.
  • (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  • (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  • (5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  • (6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  • (7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  • (8) This regulation is subject to the further provisions in regulation 69G.

Property investment business: further provisions

69G
  • (1) If an open-ended investment company to which this Part applies receives a distribution from a UK-REIT—
  • (a) the distribution is income of F (tax-exempt) to the extent that the distribution represents business of C (tax-exempt) carried on by the UK-REIT, and
  • (b) the distribution is income of F (residual) to the extent that the distribution represents business other than business of C (tax-exempt) carried on by the UK-REIT.
  • (2) In paragraph (1) “C (tax-exempt)” shall be construed in accordance with Part 4 of the Finance Act 2006.
  • (3) If an open-ended investment company to which this Part applies receives a distribution from an entity within regulation 69F(1)(c), the distribution is income of F (tax-exempt) except to the extent that the distribution is identified, at the time at which it is made, as arising from any activity of the entity that is not property rental business.
  • (4) For the purposes of this Part an asset is involved in property investment business if—
  • (a) it is an estate, interest or right in or over land by the exploitation of which property rental business is conducted;
  • (b) it consists of shares owned by the open-ended investment company in a UK-REIT; or
  • (c) it consists of shares or units owned by the open-ended investment company in an entity within regulation 69F(1)(c).

Meaning of “property rental business”

69H
  • (1) In this Part “property rental business” means—
  • (a) property rental business within the meaning given by section 104 of FA 2006, and
  • (b) the relevant business of an intermediate holding vehicle (see regulation 69I).
  • (2) For the purposes of paragraph (1)(b) the relevant business of an intermediate holding vehicle is its property rental business within the meaning given by section 104 of FA 2006, but disregarding subsection (1)(a) of that section.
  • (3) For the purposes of this Part an asset is involved in property rental business if—
  • (a) it is an estate, interest or right in or over land by the exploitation of which property rental business is conducted, or
  • (b) it consists of shares owned by the open-ended investment company in an intermediate holding vehicle.

Meaning of “intermediate holding vehicle”

69I
  • (1) For the purposes of regulation 69H, an entity is an “intermediate holding vehicle” in an accounting period if it meets conditions A to F throughout the accounting period.
  • (2) Condition A is that the vehicle is a company, trust or partnership.
  • (3) Condition B is that the vehicle is not a collective investment scheme.
  • (4) Condition C is that the vehicle is wholly owned by the open-ended investment company (the “parent”) or another intermediate holding vehicle or series of intermediate holding vehicles wholly owned by the parent, unless and to the extent that local legislation or regulations relating to the intermediate holding vehicle holding the property specified in paragraph (5) requires a proportion of local ownership.
  • (5) Condition D is that the function of the intermediate holding vehicle is solely to enable the holding, by the parent, of estates, interests or rights in or over land outside the United Kingdom by the exploitation of which property rental business is conducted.
  • (6) Condition E is that the intermediate holding vehicle has its accounts consolidated with those of the parent.
  • (7) Condition F is that all property rental income of the intermediate holding vehicle (or the full proportion of that income representing the interest of the parent in the intermediate holding vehicle) must be reflected in the distribution accounts of the parent at the same time as that income is reflected in the accounts of the intermediate holding vehicle.

The genuine diversity of ownership condition

The genuine diversity of ownership condition

69J

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

The corporate ownership condition

The corporate ownership condition

69K
  • (1) The corporate ownership condition is that the open-ended investment company must meet conditions A to C and (if applicable) condition D at the time that this Part begins to apply to the company and throughout the accounting period.

The corporate ownership condition: further provisions

69L
  • (1) The open-ended investment company meets conditions B and C of the corporate ownership condition if it provides in its instrument of incorporation and its prospectus that a body corporate is prohibited from acquiring shares in the open-ended investment company.
  • (2) The open-ended investment company meets conditions B and C of the corporate ownership condition if—
  • (a) it provides in its instrument of incorporation and its prospectus that a body corporate is prohibited from acquiring shares as a participant in the open-ended investment company,
  • (b) a body corporate (“BC”) acquires shares in the open-ended investment company,
  • (c) BC does not hold those shares as beneficial owner, and
  • (d) BC gives a certificate in accordance with paragraph (3).
  • (3) The certificate is a certificate—
  • (a) that BC does not hold any of the shares in the open-ended investment company as beneficial owner, and
  • (b) that none of the beneficial owners of BC’s shares in the open-ended investment company is a body corporate.
  • (4) Paragraph (5) applies if the trustees of a unit trust scheme—
  • (a) hold shares in the open-ended investment company, and
  • (b) are chargeable, in the United Kingdom, either to income tax or to corporation tax in their capacity as trustees of that unit trust scheme.
  • (5) For the purposes of regulation 69K the unit trust scheme is treated as the beneficial owners of the shares; and a person holding units in the unit trust shall not be treated as beneficially entitled (directly or indirectly) to 10% or more of the net asset value of the open-ended investment company’s fund by virtue of holding the units.
  • (6) In this Part “body corporate” means—
  • (a) a body corporate incorporated under the laws of any part of the United Kingdom or any other territory, or
  • (b) an entity which is treated as a body corporate for tax purposes—
  • (i) in accordance with the law of a territory outside the United Kingdom with which relevant arrangements have been entered into, or
  • (ii) in accordance with an international agreement containing relevant arrangements.
  • (7) In paragraph (6) “relevant arrangements” means arrangements which—
  • (a) have been entered into with a view to affording relief from double taxation, and
  • (b) have effect by virtue of an Order in Council under section 788 of ICTA.

The loan creditor condition

The loan creditor condition

69M
  • (1) The loan creditor condition is that the open-ended investment company must meet conditions A to C throughout the accounting period in the case of any loan relationship to which the company is party as debtor.
  • (2) Condition A is that, in the case of a debtor relationship of the company, the person standing in the position of a creditor as respects the debt in question is not entitled to an amount by way of interest which depends to any extent on—
  • (a) the results of all or part of the open-ended investment company’s business, or
  • (b) the value of any of the company’s assets.
  • (3) For the purposes of condition A, a loan shall not be treated as dependent on the results of the company’s business by reason only that the terms of the loan provide—
  • (a) for the interest to be reduced in the event of results improving, or
  • (b) for the interest to be increased in the event of results deteriorating.
  • (4) Condition B is that, in the case of a debtor relationship of the company, the person standing in the position of a creditor as respects the debt in question is not entitled to an amount by way of interest which exceeds a reasonable commercial return on the consideration lent.
  • (5) Condition C is that, in the case of a debtor relationship of the company, the person standing in the position of a creditor as respects the debt in question is entitled on repayment to an amount which—
  • (a) does not exceed the consideration lent, or
  • (b) is reasonably comparable with the amount generally repayable (in respect of an equal amount of consideration) under the terms of issue of securities listed on a recognised stock exchange.
  • (6) In this regulation “loan relationship” and “debtor relationship” shall be construed in accordance with Chapter 2 of Part 4 of FA 1996 (loan relationships).

The balance of business conditions

The balance of business conditions

69N
  • (1) The balance of business conditions are that conditions A and B must be met.
  • (2) Condition A is that the net income of F (tax-exempt) for an accounting period (determined in accordance with regulation 69Z1) is—
  • (a) at least 40% of the open-ended investment company’s net income (as defined in regulation 69Z) where this Part applies to a newly qualified company in its first accounting period, or
  • (b) at least 60% of the open-ended investment company’s net income (as defined in regulation 69Z) where this Part applies to a company in an accounting period in any other circumstances.
  • (3) Condition B is that the value of the assets involved in property investment business is—
  • (a) at least 40% of the total value of the assets held by the open-ended investment company at the end of the accounting period where this Part applies to a newly qualified company in its first accounting period, or
  • (b) at least 60% of the total value of the assets held by the open-ended investment company at the end of the accounting period where this Part applies to a company in an accounting period in any other circumstances.
  • (4) For the purposes of condition B—
  • (a) assets must be valued in accordance with generally accepted accounting practice,
  • (b) where generally accepted accounting practice offers a choice of valuation between cost basis and fair value, fair value must be used, and
  • (c) no account shall be taken of liabilities secured against or otherwise relating to assets (whether generally or specifically).
  • (5) In this Part a “newly qualified company” means a company—
  • (a) to which this Part applies immediately upon its authorisation, and
  • (b) which has not been an authorised investment fund before that authorisation.

The notification condition

The notification condition

69O
  • (1) The notification condition is that conditions A and B must be met.
  • (2) Condition A is—
  • (a) that the manager of an existing open-ended investment company has given notice for this Part to apply to the company, or
  • (b) if it is proposed to incorporate an open-ended investment company, that the person expected to become the manager of the open-ended investment company on its incorporation (the “applicant”) has given notice for this Part to apply to the company.
  • (3) Condition B is that the notice given under paragraph (2) has taken effect.
  • (4) If notice is given under paragraph (2)(a), the company must obtain any necessary shareholder and regulatory approvals to its instrument of incorporation and prospectus before giving the notice.
  • (5) If notice is given under paragraph (2)(b), the terms of the proposed company’s instrument of incorporation must be such that the proposed company, on its incorporation, will be required to meet—
  • (a) the property investment business condition (see regulation 69E), and
  • (b) the genuine diversity of ownership condition (see regulation 9A).
  • (6) In this Part—
  • the “applicant” means the person referred to in paragraph (2)(b),an “existing company notice” means a notice given under paragraph (2)(a), anda “future company notice” means a notice given under paragraph (2)(b).

Form and timing of notice under regulation 69O

69P
  • (1) A notice under regulation 69O must be given in writing to the Commissioners.
  • (2) An existing company notice must be given at least 28 days before the beginning of the specified period.

This is subject to the following paragraphs of this regulation.

  • (3) A future company notice must be given at least 42 days before the date of the expected incorporation and authorisation.

This is subject to the following paragraphs of this regulation.

  • (4) A notice under regulation 69O may be withdrawn or amended at any time before it takes effect—
  • (a) by the manager (in the case of an existing company notice), or
  • (b) by the applicant (in the case of a future company notice).
  • (5) If a notice under regulation 69O is amended before it is due to take effect, regulation 69O shall apply to the amended notice.
  • (6) But if HM Revenue and Customs give notice that they are satisfied that the amended notice is valid, the amended notice shall take effect as if given on the date of the original notice.
  • (7) An existing company notice may be given at any time before the beginning of the specified period if—
  • (a) HM Revenue and Customs have given clearance under regulation 9B, and
  • (b) the manager of the open-ended investment company certifies that there have been no changes in substance between—
  • (i) the form in which the company’s instrument of incorporation and its prospectus were considered by HM Revenue and Customs before giving the clearance, and

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