F1PART 4APROPERTY AIFS
Annotations:
Amendments (Textual)
CHAPTER 3THE TAX TREATMENT OF PROPERTY AIFS
Chargeability to tax
Meaning of “net income”69Z
1
In this Part the “net income” of an open-ended investment company for an accounting period means, in the case of an open-ended investment company that prepares accounts in accordance with UK generally accepted accounting practice, the amount falling to be dealt with under the heading F2net revenue/(expense) before taxation in the company’s statement of total return for the accounting period.
2
In paragraph (1) “the company’s statement of total return for the accounting period” is to be construed in accordance with regulation 12.
Pt. 4A inserted (6.4.2008) by The Authorised Investment Funds (Tax) (Amendment) Regulations 2008 (S.I. 2008/705), regs. 1, 5