# The Authorised Investment Funds (Tax) (Amendment No. 3) Regulations 2008, Regulation 13: Amendment of regulation 48


(1) Regulation 48 (dividend distributions: general) is amended as follows.
(2) In paragraph (2), before the words “For the purpose of” insert “Subject to paragraphs (2A) and (2B),”.
(3) In paragraph (2)(b)—
(a) for “lower rate” substitute “basic rate”; and
(b) for “year of assessment” substitute “tax year”.
(4) After paragraph (2) insert—
“(2A) But paragraph (2) does not apply to a dividend distribution to which section 95 of ICTA or section 219(4) of FA 1994 applies.
(2B) If, on the distribution date, the participant is the manager of the authorised investment fund, paragraph (2) shall not apply to the extent that the rights in respect of which the dividend distribution is made are held by him in the ordinary course of the manager’s business as manager of the fund.”
(5) After paragraph (3) insert—
“(4) This regulation does not apply in respect of a holding in a qualified investor scheme if the scheme has not met the genuine diversity of ownership condition in regulation 14C in relation to an accounting period.”

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Source: https://www.legislation.gov.uk/uksi/2008/3159/regulation/13 (the official version)
Page: https://openlegislation.uk/authorised-investment-funds-tax-amendment-no-3-regulations-2008/regulation-13
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.