PART 7CONSEQUENTIAL AMENDMENTS AND MODIFICATIONS OF ENACTMENTS

CHAPTER 2MODIFICATIONS OF THE TAX ACTS

Modifications of ITTOIA 200596

1

ITTOIA 2005 is modified as follows.

F11A

In the application of the provisions specified in paragraph (1B) in relation to a Property AIF and a Tax Elected Fund—

a

for “the total” substitute “an”, and

b

the amount available for distribution as PAIF distribution (interest) or TEF distribution (non-dividend), as the case may be, shall be treated as the amount available for distribution as yearly interest.

1B

The specified provisions are—

a

section 373(1) (open-ended investment company interest distributions), and

b

section 376(1) (authorised unit trust interest distributions).

2

The words “ , except in so far as regulations made under section 17(3) of the Finance (No. 2) Act 2005 make other provision for dividends treated as paid by virtue of those regulations ” are treated as inserted at the end of each of the provisions specified in paragraph (3).

3

The provisions specified are—

a

section 374(1) (date when open-ended investment company interest distributions made),

b

section F2377(1) (date when authorised unit trust interest distributions made),

c

section 387(1) (date when open-ended investment company dividend distributions made), and

d

section 390(1) (date when authorised unit trust dividend distributions made).

4

In sections 375(1) (interpretation of sections 373 and 374) and 388(1) (interpretation of sections 386 and 387) the definition of “the OEIC Regulations” is treated as omitted.

5

In those provisions, the following definitions are treated as substituted for the definitions of “open-ended investment company”, “owner of shares” and “umbrella company”—

“open-ended investment company” means a company incorporated in the United Kingdom to which section 236 of FISMA 2000 applies,

“owner of shares”, in relation to an open-ended investment company, has the meaning given in regulations made under section 17(3) of the Finance (No. 2) Act 2005, F3...

F3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

6

In sections 375(3) and 388(3) the words “ regulations under section 17(3) of the Finance (No. 2) Act 2005 (as at 1st April 2006, see regulation 6(2) of the Authorised Investment Funds (Tax) Regulations 2006 (S.I. 2006/[abcd])) ” are treated as substituted for the words from “Chapter 3 of Part 12 of ICTA” to the end.