Regulation 69Z56 Components of incomeF1

(1)

For the purposes of corporation tax, the income arising to a Tax Elected Fund consists of—

(a)

dividend income;

(b)

property investment income, being—

(i)

distributions of profits of C (tax-exempt) in relation to shares held in a UK-REIT, and

(ii)

property income distributions in relation to shares held in a Property AIF;

(c)

property business income (arising on a breach of the property condition), being—

(i)

profits of a UK property business that are not within sub-paragraph (b), and

(ii)

income from an overseas property business; and

(d)

other income.

(2)

In this regulation, “C (tax-exempt)” shall be construed in accordance with Part 4 of FA 2006.

Annotations

F1: Pt. 4B inserted (1.9.2009) by The Authorised Investment Funds (Tax) (Amendment) Regulations 2009 (S.I. 2009/2036), regs. 1, 24