# The Authorised Investment Funds (Tax) (Amendment No. 3) Regulations 2008, 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.”.

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Source: https://www.legislation.gov.uk/uksi/2008/3159/regulation/24 (the official version)
Page: https://openlegislation.uk/authorised-investment-funds-tax-amendment-no-3-regulations-2008/regulation-24
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.