# The Authorised Investment Funds (Tax) Regulations 2006, Regulation 69Z19: PAIF distributions (interest): liability to tax of participants

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

(1) A PAIF distribution (interest) received by a participant in an open-ended investment company to which this Part applies shall be treated—
(a) in the case of a participant within the charge to corporation tax, as if it were interest arising from a loan relationship; and
(b) 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.
(2) Sections 231 of ICTA and 397 of ITTOIA 2005 (tax credits in respect of qualifying distributions) shall not apply to PAIF distributions (interest).

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Source: https://www.legislation.gov.uk/uksi/2006/964/regulation/69Z19 (the official version)
Page: https://openlegislation.uk/authorised-investment-funds-tax-regulations-2006/regulation-69Z19
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.