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The Authorised Investment Funds (Tax) Regulations 2006

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This is the original version (as it was originally made).

General modification: authorised unit trust
This section has no associated Explanatory Memorandum

100.—(1) The modifications specified in this regulation are that references, however expressed, in TCGA 1992 to—

(a)an authorised unit trust (other than references in a definition of an authorised unit trust, an unauthorised unit trust or a unit trust scheme),

(b)a unit trust scheme as denoting or including (whether expressly or by implication) an authorised unit trust (other than references in a definition of an authorised unit trust, an unauthorised unit trust or a unit trust scheme),

(c)the trustees of an authorised unit trust within sub-paragraph (a) or of a unit trust scheme within sub-paragraph (b),

have effect as if they included references to an open-ended investment company.

(2) Paragraph (1) does not apply—

(a)to references in any of the provisions specified in paragraph (3), or

(b)to references to provisions which include reference, whether made expressly or by implication, to an open-ended investment company.

(3) The provisions specified are—

(a)section 99(1) (application of Act to unit trust scheme),

(b)section 99A (authorised unit trusts: treatment of umbrella schemes),

(c)section 100(2) (exemption for units in unit trust scheme), and

(d)section 272(5) (valuation of rights of unit holders).

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