F1PART 4APROPERTY AIFS

Annotations:
Amendments (Textual)

CHAPTER 2ENTRY INTO AND MEMBERSHIP OF THE PROPERTY AIF REGIME

Consequences of entry

Effects of entry69V

1

Property rental business of F (pre-entry) shall be treated for the purposes of corporation tax as ceasing at entry.

2

Assets which immediately before entry are involved in property rental business of F (pre-entry) shall be treated for the purposes of corporation tax as being sold by F (pre-entry) immediately before entry and reacquired by F (tax-exempt) immediately after entry.

3

For the purposes of corporation tax, on entry one accounting period of the open-ended investment company shall end and another shall begin.

4

On entry a new distribution period of the open-ended investment company shall begin.

5

The sale and reacquisition deemed under paragraph (2) shall not have effect for the purposes of tax in respect of chargeable gains.

6

For the purposes of CAA 2001, the sale and reacquisition deemed under paragraph (2)—

a

shall not give rise to allowances or charges, and

b

shall not make it possible to make an election under section 198 or 199 of that Act (apportionment).

7

For the purposes of CAA 2001, anything done by or to F (pre-entry) before entry in relation to an asset which is deemed under paragraph (2) to be sold and reacquired shall be treated after entry as having been done by or to F (tax-exempt).