Regulation 85Q Exceptions from the charge to taxF1
(1)
No liability to tax arises under regulation 85M (the charge to tax: general provisions) if condition A or B is met.
(2)
Condition A is that the participant is required to treat units in the FINROF as a loan relationship to which the provisions of Chapter 3 of Part 6 of CTA 2009 apply.
(3)
Condition B is that the participant is required to treat units in the FINROF as a derivative contract to which the provisions of Part 7 of CTA 2009 apply.
Annotations
Textual amendments
- F1
Pt. 6A inserted (with effect in accordance with reg. 1(2) of the amending S.I.) by The Authorised Investment Funds (Tax) (Amendment) Regulations 2010 (S.I. 2010/294), regs. 1(1), 21 (with regs. 25, 26)