Regulation 25 Amendment of regulation 70I1

In regulation 70 (application of section 234A of ICTA) after paragraph (3) insert—

“(4)

In the case of a Property AIF and a Tax Elected Fund, an appropriate statement for the purposes of section 234A of ICTA^f1 includes a written statement—

(a)

showing the details specified in paragraph (5),

(b)

providing details to allow the participant to access an electronic means of calculating the amounts that would be shown in a written statement that would, apart from this paragraph, be provided in accordance with subsection (6) (in the case of a PAIF distribution (interest) or a TEF distribution (non-dividend)) or subsection (7) (in the case of a PAIF distribution (dividends) or a TEF distribution (dividend)) of section 234A, and

(c)

providing the participant with an alternative method of obtaining the details of those amounts without recourse to electronic means.

(5)

The specified details are—

(a)

the gross amount of the distribution made to the participant,

(b)

the number and class of units held by the participant in respect of which the distribution is made,

(c)

the net amount of the distribution per unit,

(d)

whether any tax has been deducted from the distribution,

(e)

the date the distribution was made, and

(f)

the percentage of the gross distribution attributable—

(i)

in the case of a Property AIF, to PAIF distribution (interest) and to PAIF distribution (dividends), or

(ii)

in the case of a Tax Elected Fund, to TEF distribution (dividend) and to TEF distribution (non-dividend).”.