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Link to original content: http://www.legislation.gov.uk/uksi/2006/964/regulation/52D/data.akn

Regs. 52B-52E inserted (1.9.2009) by The Authorised Investment Funds (Tax) (Amendment) Regulations 2009 (S.I. 2009/2036), regs. 1, 14

http://www.legislation.gov.uk/uksi/2006/964/regulation/52DThe Authorised Investment Funds (Tax) Regulations 2006texttext/xmlenINCOME TAXCORPORATION TAXCAPITAL GAINS TAXStatute Law Database2024-05-16Expert Participation2021-12-09In the Finance (No. 2) Act 2005 (c. 22) (“the 2005 Act”), Chapter 3 of Part 2 makes provision relating to authorised investment funds. Existing statutory provisions dealing with authorised investment funds cease to have effect on such day as the Treasury may appoint by order (see sections 17(1) and 19(1) of the 2005 Act). Arrangements are being made for the enactments specified in section 17(1) of the 2005 Act to be repealed.PART 4THE TREATMENT OF PARTICIPANTS IN AUTHORISED INVESTMENT FUNDSCHAPTER 3PARTICIPANTS CHARGEABLE TO CORPORATION TAXDividend distributions52DShares and units not within regulation 52C1

Regulation 52C does not apply in respect of any shares or units in a diversely owned AIF in relation to which—

a

conditions A and B are both satisfied, or

b

condition C is satisfied.

2

Condition A is that the shares or units in the diversely owned AIF form part of the financial trader’s stock in trade and all the profits and losses, including distributions, arising in relation to the shares or units in the diversely owned AIF are included in the computation of the financial trader’s trading profits for the relevant period.

3

Condition B is that the shares or units in the diversely owned AIF are accounted for under generally accepted accounting practice on the basis of fair value accounting.

4

Condition C is that the shares or units in the diversely owned AIF are a relevant holding in respect of which the provisions of section 490 of CTA 2009 apply in relation to the financial trader.

5

In paragraph (4) “relevant holding” means—

a

any rights under a unit trust scheme;

b

a material interest in an offshore fund; or

c

any shares in an open-ended investment company.