Regulation 69Z19 PAIF distributions (interest): liability to tax of participantsF1
United Kingdom
A PAIF distribution (interest) received by a participant in an open-ended investment company to which this Part applies shall be treated—
in the case of a participant within the charge to corporation tax, as if it were interest arising from a loan relationship; and
in the case of a participant within the charge to income tax, as if it were a payment of yearly interest falling within Chapter 2 of Part 4 of ITTOIA 2005.
Sections 231 of ICTA and 397 of ITTOIA 2005 (tax credits in respect of qualifying distributions) shall not apply to PAIF distributions (interest).
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. 69Z19(1) substituted (1.1.2009) by The Authorised Investment Funds (Tax) (Amendment No. 3) Regulations 2008 (S.I. 2008/3159), regs. 1(1), 24