# The Authorised Investment Funds (Tax) (Amendment No. 3) Regulations 2008, Regulation 15: Substitution of regulation 51


For regulation 51 substitute—
“Participants chargeable to corporation tax: holdings in qualified investor schemes where scheme does not meet the genuine diversity of ownership condition
51. (1) This regulation applies if—
(a) a participant has a holding in a qualified investor scheme, and
(b) the scheme has not met the genuine diversity of ownership condition in regulation 14B in relation to an accounting period.
(2) Section 212 of TCGA 1992 (annual deemed disposal of holdings of unit trusts etc.) does not apply to the participant in relation to that accounting period.
(3) Paragraph 4 of Schedule 10 to FA 1996 (company holdings in unit trusts and offshore funds) shall not apply to the participant in relation to that accounting period.”.

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Source: https://www.legislation.gov.uk/uksi/2008/3159/regulation/15 (the official version)
Page: https://openlegislation.uk/authorised-investment-funds-tax-amendment-no-3-regulations-2008/regulation-15
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.