# The Authorised Investment Funds (Tax) Regulations 2006, Regulation 14B: Tax treatment of qualified investor schemes

Extent: E+W+S+N.I.

(1) The provisions in paragraph (2) shall not apply to a qualified investor scheme in relation to an accounting period of the scheme unless the genuine diversity of ownership condition (see regulation 9A) is met in relation to that accounting period.
(2) The provisions referred to in paragraph (1) are—
(a) the provisions of Part 2 of these Regulations,
(aa) the provisions of Part 4 of these Regulations,
(b) the provisions of Part 4A of these Regulations,
(c) where the qualified investor scheme is an authorised unit trust scheme, section 468(1A) of ICTA,
(d) where the qualified investor scheme is an open-ended investment company, section 468A(1) of ICTA,
(e) in subsection (1) of section 99 of TCGA 1992 (as modified by these Regulations) the words “except that nothing in this section” to the end of that sub-section, and
(f) section 100 of TCGA 1992.
(3) Where the genuine diversity of ownership condition is not met in relation to an accounting period of the scheme—
(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(b) the total amount available for income allocation to participants must only be allocated in accordance with paragraph (1)(b) of regulation 17 (allocation of income) , and
(c) Part 3A of CTA 2010 (companies with small profits) does not apply.
(4) In these Regulations a “qualified investor scheme” means a fund, authorised by the appropriate regulator, in which a statement that the fund is a qualified investor scheme is included in the instrument constituting the scheme.
(5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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Source: https://www.legislation.gov.uk/uksi/2006/964/regulation/14B (the official version)
Page: https://openlegislation.uk/authorised-investment-funds-tax-regulations-2006/regulation-14B
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.