PART 2THE TREATMENT OF PARTICIPANTS IN NON-REPORTING FUNDS
CHAPTER 2CHARGES TO TAX ON PARTICIPANTS IN NON-REPORTING FUNDS
Charge to tax on certain amounts treated as distributions
Treatment of certain amounts as distributions16
1
This regulation applies if a non-reporting fund which is a transparent fund has an interest in a reporting fund.
2
In the case of any excess specified in regulation 94(2) which is treated, under that regulation, as made to the non-reporting fund, the Tax Acts have effect as if the excess were additional income of the participants in the non-reporting fund in proportion to their rights.
3
The additional income is treated as arising on the same date as the excess is treated as made to the non-reporting fund.
4
If a participant in the non-reporting fund is chargeable to income tax, the additional income is charged as relevant foreign income within the meaning given by section 830 of ITTOIA 20057.
5
If a participant in the non-reporting fund is chargeable to corporation tax, the additional income is charged under Chapter 8 of Part 10 of CTA 2009 (miscellaneous income: income not otherwise charged).