# The Authorised Investment Funds (Tax) (Amendment) Regulations 2007, Regulation 2: Amendment of the Authorised Investment Funds (Tax) Regulations 2006


(1) Regulation 52A of the Authorised Investment Funds (Tax) Regulations 2006 is amended as follows.
(2) For paragraph (1) substitute—
“(1) This regulation applies if—
(a) conditions A to C are met, and
(b) either condition D or E is met.”.
(3) In paragraph (6) after “But” insert “for the purposes of paragraph (5)”.
(4) Insert the following paragraph after paragraph (6)—
“(6A) Condition E is that the participant is a financial trader who—
(a) owns units which represent rights to 10% or more of the net asset value of the authorised investment fund, and
(b) does not own those units as a nominee or bare trustee.”.
(5) For paragraph (11) substitute—
“(11) In this regulation—
“financial trader” means a participant who meets condition C (see paragraph (4));
“long-term business” and “long-term insurance fund” have the same meanings as in Chapter 1 of Part 12 of ICTA (insurance companies etc.).”.

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Source: https://www.legislation.gov.uk/uksi/2007/683/regulation/2 (the official version)
Page: https://openlegislation.uk/authorised-investment-funds-tax-amendment-regulations-2007/regulation-2
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.