22.—(1) Paragraph (2) applies where the total amount [F1available for income allocation is allocated] for distribution as dividends.
(2) The Tax Acts shall have effect as if the total amount were dividends on shares paid on the distribution date by the authorised investment fund to the participants in proportion to their rights [F2(but see regulation 96A (modification of CTA 2009))].
(3) In these Regulations a “dividend distribution” means a dividend treated as paid by virtue of paragraph (2) (including a dividend treated as paid to a participant who is not chargeable to corporation tax).
(4) This regulation is subject to regulation 23 (treatment of de minimis amounts).
Textual Amendments
F1Words 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)
F2Words 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