Regulation 31 Amendment of regulation 96I1

Regulation 96 (modifications of ITTOIA 2005^f1) is amended as follows.

After paragraph (1) insert—

“(1A)

In the application of the provisions specified in paragraph (1B) in relation to a Property AIF and a Tax Elected Fund—

(a)

for “the total” substitute “an”, and

(b)

the amount available for distribution as PAIF distribution (interest) or TEF distribution (non-dividend), as the case may be, shall be treated as the amount available for distribution as yearly interest.

(1B)

The specified provisions are—

(a)

section 373(1) (open-ended investment company interest distributions), and

(b)

section 376(1) (authorised unit trust interest distributions).”.

In paragraph (3)(b) for “376(1)” substitute “377(1)”.