The Authorised Investment Funds (Tax) Regulations 2006

[F1Participants chargeable to corporation taxU.K.
This section has no associated Explanatory Memorandum

69Z62.—(1)  If a TEF distribution (dividend) is made for a distribution period to a participant within the charge to corporation tax, regulations 48 to 52A (dividend distributions) shall apply with the modifications specified in paragraph (2).

(2) The specified modifications are—

(a)for “dividend distribution” in each place it occurs there shall be substituted “TEF distribution (dividend)”;

[F2(b)in regulation 50 (references to gross income) for “the net revenue before taxation shall be determined in accordance with the Statement of Recommended Practice” there shall be substituted “the amount attributed to TEF distributions (dividends) in accordance with regulation 69Z59 (allocation of income);”.]

(c)for “an authorised investment fund” in each place it occurs there shall be substituted “a Tax Elected Fund”; and

(d)for “the authorised investment fund” in each place it occurs there shall be substituted “the Tax Elected Fund”.]

Textual Amendments

F2Reg. 69Z62(2)(b) 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), 19 (with reg. 24)