# The Authorised Investment Funds (Tax) Regulations 2006, Regulation 106: Insertion of section 99AA of TCGA 1992


After section 99A of TCGA 1992 the following section is treated as inserted—
“Open-ended investment companies: treatment of umbrella companies
99AA. (1) In this section an “umbrella company” has the meaning given by section 468A(4) of the Taxes Act, and a reference to a part of an umbrella company is to be construed in accordance with that provision.
(2) For the purposes of this Act (except subsection (1))—
(a) each of the parts of an umbrella company shall be regarded as an open-ended investment company, and
(b) the umbrella company as a whole shall not be so regarded (and shall not, unless express provision is made otherwise, be regarded as a company).
(3) In this Act, in relation to a part of an umbrella company, any reference, however expressed, to an owner of shares in an open-ended investment company is to a person for the time being having rights in the separate pool to which the part of the umbrella company relates.
(4) Nothing in subsection (2) or (3) shall prevent—
(a) gains accruing to an umbrella company being regarded as gains accruing to an open-ended investment company for the purposes of section 100(1) (exemption for authorised unit trusts etc);
(b) a transfer of business to an umbrella company being regarded as a transfer to an open-ended investment company for the purposes of section 139(4) (exclusion of transfers to authorised unit trusts etc).”.

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Source: https://www.legislation.gov.uk/ukdsi/2006/0110740300/regulation/106 (the official version)
Page: https://openlegislation.uk/draft-authorised-investment-funds-tax-regulations-2006/regulation-106
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.