Regulation 69Z16 PAIF distributions (interest)F1

United Kingdom

(1)

This regulation applies if—

(a)

an open-ended investment company to which this Part applies makes a distribution, and

(b)

the amount distributed includes sums attributed to PAIF distributions (interest).

(2)

The Tax Acts shall have effect as if the sums were payments of yearly interest made on the distribution date by the company to the participants in proportion to their rights.

(F22A)

For the purposes of Part 10 (Corporate Interest Restriction) of TIOPA 2010, a PAIF distribution (interest) is treated as not being a tax-interest expense amount of the company.

(3)

In this Part a “PAIF distribution (interest)” means a sum attributed to PAIF distributions (interest) which is distributed (including a payment made to a participant who is not chargeable to income tax).

Annotations

Textual amendments

F1: Pt. 4A inserted (6.4.2008) by The Authorised Investment Funds (Tax) (Amendment) Regulations 2008 (S.I. 2008/705), regs. 1, 5
F2: Reg. 69Z16(2A) inserted (29.12.2017) by The Corporate Interest Restriction (Consequential Amendments) Regulations 2017 (S.I. 2017/1227), regs. 1, 2(3)