# The Authorised Investment Funds (Tax) Regulations 2006, Regulation 85M: The charge to tax: general provisions


(1) There is a charge to tax if—
(a) a person disposes of an asset,
(b) either condition A or condition B is met, and
(c) as a result of the disposal, an income gain (see regulation 85Z) arises to the person making the disposal.
(2) Condition A is that the asset consists of units in a FINROF at the time of the disposal.
(3) Condition B is that—
(a) the asset consists of units in an authorised investment fund that had been a FINROF for some of the material period; and
(b) no valid election under regulation 85Z11 (participant’s power to elect for deemed disposal) was made in relation to the asset.
(4) In paragraph (3) “the material period” means a period beginning with the date of acquisition of the asset and ending with the date of the disposal.

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Source: https://www.legislation.gov.uk/uksi/2006/964/regulation/85M (the official version)
Page: https://openlegislation.uk/authorised-investment-funds-tax-regulations-2006/regulation-85M
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.