Regulation 24 Amendment of regulation 69Z19

For paragraph (1) of regulation 69Z19 (PAIF distributions (interest): liability to tax of participants) substitute—

“(1)

A PAIF distribution (interest) received by a participant in an open-ended investment company to which this Part applies shall be treated—

(a)

in the case of a participant within the charge to corporation tax, as if it were interest arising from a loan relationship; and

(b)

in the case of a participant within the charge to income tax, as if it were a payment of yearly interest falling within Chapter 2 of Part 4 of ITTOIA 2005^f1.”.