UK Statutory Instrument SI 2006/964 United Kingdom

The Authorised Investment Funds (Tax) Regulations 2006

Read it on legislation.gov.uk (opens in a new tab)
Status
In Force
Penalty ceiling
Regulated

Does it bind you?

Business-side roles with duties under this instrument.

Trader14 Any Person7 Client1

Plus 1 duty on the regulator, Crown ministers and public bodies — folded into the section list below.

Other Acts binding the same actors

If a role above is yours, these are the other instruments that most often bind it.

Trader — also bound by 825 other Acts
Companies Act 2006 243 duties
Companies Act 1985 85 duties
Any Person — also bound by 2340 other Acts
Client — also bound by 62 other Acts

What it requires

Regulations creating concrete business duties or carrying penalties, grouped as the instrument is structured. Titles link to the source text — blue means you’re leaving for legislation.gov.uk.

s.009 The genuine diversity of ownership condition Regulated
  • Ensure your authorised investment fund meets the genuine diversity of ownership conditionAny Person
s.009 Clearance in relation to the genuine diversity of ownership condition Regulated
  • Apply to HMRC for clearance on genuine diversity of ownershipAny Person
s.011 General rule for derivative contracts: exclusion of capital profits, gains or losses Regulated
  • Do not include capital profits from derivatives in tax accountsAny Person
s.014 Treatment of interest in non-reporting fund: cases where the conditions in regulation 14ZA(2) would not be satisfied Regulated
  • Notify HMRC of deemed disposal date for interest in non-reporting fundClient
s.069 The property investment business condition Regulated
  • Maintain property investment business condition in governing documents and operationsTrader
s.069 The corporate ownership condition Regulated
  • Prevent corporate ownership of 10% or more of the fund's net asset valueTrader
s.069 The loan creditor condition Regulated
  • Ensure loan interest does not depend on your business results or asset valueTrader
s.069 Procedure relating to quashing notices Regulated
Other duties (1) — Crown / regulator
  • HMRC must issue preliminary notice before quashing an entry into the Property AIF regimeStatutory regulator
s.069 Deduction of tax from property income distributions Regulated
  • Deduct income tax from property income distributionsTrader
s.069 Deduction of tax from PAIF distributions (interest) Regulated
  • Deduct basic rate income tax from PAIF interest distributionsTrader
s.069 Distribution payments to be made without deduction of tax Regulated
  • Do not deduct income tax from distributions when conditions A and B are metTrader
s.069 Documents to be included with company tax return Regulated
  • Include tax-exempt and residual income calculations with your company tax returnTrader
s.069 Information to be provided by company to which this Part applies Regulated
  • Notify HMRC if your Property AIF loses qualifying statusTrader
s.069 Information relating to holders of excessive rights Regulated
  • Report holders of excessive rights to HMRCTrader
s.069 Information to be provided to officers of Revenue and Customs Regulated
  • Provide information to HMRC within 28 days if served a noticeTrader
s.069 Payments in an accounting period Regulated
  • Submit quarterly returns to HMRC for property income distributionsTrader
s.069 Certificates of deduction of tax Regulated
  • Provide tax deduction certificate to recipients of relevant distributionsTrader
s.069 Company’s duty to deliver amended return Regulated
  • Deliver amended tax return to HMRC without delay after discovering an errorTrader
s.069 Breach of the genuine diversity of ownership condition Regulated
  • Notify HMRC of breach of genuine diversity of ownership condition within 28 daysTrader
s.069 The loan creditor condition Regulated
  • Ensure loan creditor terms meet conditions A, B and CAny Person
s.069 Obligation to deduct tax from TEF distributions (non-dividend) Regulated
  • Deduct tax from TEF non-dividend distributionsAny Person
s.077 Non-discrimination in respect of different classes of shares Regulated
  • Do not discriminate between shareholders of different classes when allocating incomeAny Person
s.085 Elective FINROFs Regulated
  • Elect to be treated as a FINROF and meet eligibility conditionsAny Person
267 other provisions — procedural and definitional
s.001 Citation, commencement and effect
s.002 Structure of these Regulations
s.003 Definition of “authorised investment funds”
s.004 Definition of “open-ended investment company”
s.005 Interpretation of expressions relating to authorised unit trust schemes
s.006 Further definitions generally relevant for authorised investment funds
s.007 Umbrella companies and umbrella schemes: interpretation
s.008 General interpretation
s.009 Abbreviations and general index
s.010 General rule for loan relationships: exclusion of capital profits, gains or losses
s.012 Accounts prepared in accordance with UK generally accepted accounting practice
s.012 Deduction of expenses
s.013 Treatment of interest distributions for purposes of loan relationships
s.014 Treatment of deficits on loan relationships
s.014 Authorised investment funds with limited investment powers – stamp duty reserve tax
s.014 Tax treatment of qualified investor schemes
s.014 The genuine diversity of ownership condition
s.014 Clearance in relation to the genuine diversity of ownership condition
s.014 Tax treatment of long-term asset funds
s.014 Tax treatment of diversely owned AIFs
s.014 Meaning of “investment transaction”
s.014 Meaning of relevant contracts: general
s.014 Meaning of relevant contract: options
s.014 Meaning of relevant contract: futures
s.014 Meaning of relevant contract: options and futures - general provisions
s.014 Meaning of relevant contract: contract for differences
s.014 Loan relationships or related transactions
s.014 Units in a collective investment scheme
s.014 Carbon emission trading products
s.014 Interests in offshore non-reporting funds: general
s.014 Treatment of disposal of interest in non-reporting fund
s.014 Index tracking funds
s.015 Interpretation
s.016 Funds excluded from the ambit of this Part
s.017 Allocation of income
s.018 Interest distributions: general
s.019 The qualifying investments test
s.020 Meaning of “qualifying investments”
s.021 Meaning of “qualifying investments”: further provisions
s.022 Dividend distributions: general
s.023 Provisions applying if amounts available for distribution are de minimis
s.024 Structure of this Part
s.025 Funds excluded from the ambit of this Part
s.026 Deduction of tax where interest distributions made
s.027 The reputable intermediary condition
s.028 The reputable intermediary condition: further provisions
s.029 Consequences of reasonable but incorrect belief
s.030 The residence condition
s.031 Residence declarations
s.032 References to beneficiaries in regulations 30 and 31
s.033 Interest distributions: the position of the legal owner
s.033 The offshore marketing condition
s.034 The non-liability condition
s.035 Qualifying certificates
s.036 The contents condition
s.037 The supplier condition
s.038 The time limit condition
s.039 The continuing validity condition
s.040 The qualifying circumstances condition
s.041 The joint holding condition
s.042 Qualifying certificates valid for only part of jointly held accounts: introductory
s.043 Qualifying certificates valid for only part of jointly held accounts: the general rule
s.044 Qualifying certificates valid for only part of jointly held accounts: further provisions
s.045 Consequences of notice under regulation 39(6)
s.046 Qualifying certificate not in writing
s.046 Annual Payments – duty to deduct income tax
s.046 Consequences of reasonable but incorrect belief
s.047 The obligation to deduct tax
s.048 General
s.048 Income treated as an annual payment treated as foreign income
s.048 Tax treated as deducted from a dividend distribution
s.049 Calculation of unfranked part of dividend distribution
s.050 References to gross income
s.051 Participants chargeable to corporation tax: holdings in qualified investor schemes and long-term asset funds where scheme does not meet the genuine diversity of ownership condition
s.052 Repayments of tax
s.052 Companies carrying on general insurance business: treatment of certain amounts of tax as foreign tax
s.052 Diversely owned AIFs and financial traders: treatment of shares and units
s.052 Financial traders: amounts to be brought into account in respect of shares or units held in diversely owned AIFs
s.052 Shares and units not within regulation 52C
s.052 Meaning of financial trader
s.053 Charge to tax under this Chapter
s.054 Meaning of “substantial QIS holding”
s.055 Amount charged to tax under this Chapter
s.056 Measuring dates and meaning of “chargeable measuring date”
s.057 How tax is charged under this Chapter: income tax
s.058 How tax is charged under this Chapter: corporation tax
s.059 Further provisions
s.060 The general rule
s.061 Cases affected by the coming into force of these Regulations
s.062 Cases involving the launch of qualified investor schemes
s.063 Cases where a participant's holding becomes substantial
s.064 Definition of the “first measuring date”
s.065 Calculation to be made on the first measuring date
s.066 Reorganisations etc.
s.067 Disposal of part of a substantial QIS holding
s.068 Disposal of the whole of a substantial QIS holding
s.069 No gain/no loss disposals
s.069 Property AIFs
s.069 Structure of this Part
s.069 Key concepts
s.069 Conditions for this Part to apply to company
s.069 Conditions for this Part to apply to a company where the company is also a qualified investor scheme
s.069 Meaning of “property investment business”
s.069 Property investment business: further provisions
s.069 Meaning of “property rental business”
s.069 Meaning of “intermediate holding vehicle”
s.069 The genuine diversity of ownership condition
s.069 The corporate ownership condition: further provisions
s.069 The balance of business conditions
s.069 The notification condition
s.069 Form and timing of notice under regulation 69O
s.069 Contents of notice under regulation 69O
s.069 Notice: further provisions: quashing notices
s.069 Appeal against quashing notice
s.069 Clearance in relation to the genuine diversity of ownership condition
s.069 Effects of entry
s.069 Duration
s.069 Ring-fencing of tax-exempt business
s.069 Chargeability to corporation tax
s.069 Meaning of “net income”
s.069 Calculation of net income of F (tax-exempt)
s.069 Cancellation of tax advantage
s.069 Appeal against notice under regulation 69Z10
s.069 Distribution to holder of excessive rights: charge to tax
s.069 Meaning of “holder of excessive rights”
s.069 Allocation of income
s.069 Property income distributions
s.069 PAIF distributions (interest)
s.069 PAIF distributions (dividends)
s.069 Property income distributions: liability to tax of participants
s.069 PAIF distributions (interest): liability to tax of participants
s.069 Components of income arising to F (residual)
s.069 Property distributions (dividends): liability to tax of participants
s.069 Distributions made after cessation
s.069 Manufactured dividends representing property income distributions
s.069 Manufactured dividends representing PAIF distributions (interest)
s.069 Manufactured dividends – PAIF distributions (dividends)
s.069 Interpretation
s.069 Conversion to property AIF
s.069 Exchange of units
s.069 Further requirement
s.069 Application of section 137 of TCGA
s.069 Calculation of net income of F (residual)
s.069 Collection and payment of tax
s.069 Assessments where relevant distribution included in return
s.069 Assessments in other cases
s.069 Application of Income Tax Acts provisions about time limits for assessments
s.069 Termination by notice: company
s.069 Termination by notice: Commissioners
s.069 Appeal against termination notice
s.069 Company ceasing to be authorised etc.
s.069 Mergers
s.069 Effects of cessation
s.069 Tax Elected Funds
s.069 Structure of this Part
s.069 Interpretation
s.069 Conditions for this Part to apply to fund
s.069 The property condition
s.069 The scheme documentation condition
s.069 Application process
s.069 Breach of the corporate ownership condition
s.069 Form and timing of application under regulation 69Z49
s.069 Contents of application under regulation 69Z49
s.069 Refusing an application: refusal notice
s.069 Appeal against refusal notice
s.069 Effects of entry
s.069 Duration
s.069 Components of income
s.069 Treatment of property investment income
s.069 Treatment of distributions
s.069 Allocation of income
s.069 Breach of the loan creditor condition
s.069 TEF distributions (dividends)
s.069 TEF distributions (non-dividend)
s.069 Participants chargeable to corporation tax
s.069 Modification of section 490 of CTA 2009
s.069 Breach of conditions: general
s.069 Breach of the property condition, genuine diversity of ownership condition or scheme documentation condition
s.069 Breach of the loan creditor condition
s.069 Multiple breaches of separate conditions
s.069 Information to be provided to officers of Revenue and Customs
s.069 Breach of balance of business conditions
s.069 Termination by election: authorised investment fund
s.069 Termination by notice: Commissioners
s.069 Appeal against termination notice
s.069 Mergers
s.069 Multiple breaches of separate conditions
s.069 Profit/financing costs in the case of a Property AIF that is a qualified investor scheme
s.070 Application of section 234A of ICTA
s.071 Notification of interest distributions and TEF distributions (non-dividend) made without deduction of tax
s.072 Information about interest distributions and TEF distributions (non-dividend) made without deduction of tax
s.073 Inspection of records
s.074 Use of information
s.075 Inspection of residence declarations
s.076 Ownership of shares of different denominations in open-ended investment companies
s.078 Circumstances in which this Chapter applies
s.079 Ending of accounting period of the target trust
s.080 Carrying forward of excess management expenses
s.081 Distributions by authorised unit trust after the end of its pre-transfer accounting period
s.082 Continuing validity of residence declarations
s.083 Powers of the acquiring company
s.084 Assessments made on discovery
s.085 Prevention of double relief
s.085 FINROFs
s.085 Structure of this Part
s.085 Interpretation
s.085 The investment condition
s.085 Interests in funds treated as not being interests in non-reporting funds
s.085 Entry into FINROF regime: the basic rule
s.085 The requirement to notify where regulation 85D is satisfied
s.085 The requirement to notify participants when a fund enters the FINROF regime
s.085 Inadvertent fulfilment of investment condition
s.085 Appeal against refusal to provide written notice
s.085 Disposal of an interest in an authorised investment fund prior to its becoming a FINROF
s.085 The charge to tax: general provisions
s.085 The charge to tax: further provisions
s.085 Application of certain provisions of TCGA 1992
s.085 Application of section 10A of TCGA 1992
s.085 Exceptions from the charge to tax
s.085 Trading stock etc.
s.085 Long-term insurance funds of insurance companies
s.085 Charitable companies and charitable trusts
s.085 Application of this Chapter
s.085 Disposal of an asset: the basic rule
s.085 Provisions applicable on death
s.085 Application of section 135 of TCGA 1992
s.085 Application of section 136 of TCGA 1992
s.085 General provisions
s.085 The basic gain and its computation
s.085 Requirement to notify participants when a fund leaves the FINROF regime
s.085 Participant’s power to elect for deemed disposal
s.085 Earlier disposal to which the no gain/no loss basis applies
s.085 Modifications of TCGA 1992
s.085 Losses
s.085 Scope of this Chapter
s.085 Treatment of the TCGA disposal: general rules
s.085 Modification of section 162 TCGA 1992
s.085 Application of section 128 of TCGA 1992
s.085 Leaving the FINROF regime
s.086 Introduction
s.087 Amendments of TMA 1970
s.088 Amendment of ICTA
s.089 Amendment of TCGA 1992
s.090 Amendment of FA 1996
s.091 Amendments of ITTOIA 2005
s.092 Amendment of the Finance Act 2005
s.093 Introduction
s.093 Modifications of TMA 1970
s.094 Modifications of ICTA
s.095 Modifications of FA 1996
s.096 Modifications of ITTOIA 2005
s.096 Modification of CTA 2009
s.097 Introduction
s.098 Application of TCGA 1992: general
s.099 General modifications: introduction
s.100 General modification: authorised unit trust
s.101 General modification: manager of authorised unit trust
s.102 General modification: unit in authorised unit trust
s.103 General modification: accumulation units in authorised unit trusts
s.104 General modification: holder of unit in authorised unit trust
s.105 Modification of section 99 of TCGA 1992
s.106 Insertion of section 99AA of TCGA 1992
s.107 Modification of section 170 of TCGA 1992
s.108 Modifications of section 272 of TCGA 1992
s.109 Modifications of section 288 of TCGA 1992
s.110 Modification of Schedule A1 to TCGA 1992
s.111 Instruments revoked

Duty extraction and severity labels are Guvnor’s analysis of the instrument, not the instrument itself. Always verify against the linked source text.