# The Authorised Investment Funds (Tax) Regulations 2006, Regulation 29: Consequences of reasonable but incorrect belief


(1) This regulation applies if conditions A to D are met.
(2) Condition A is that an interest distribution is made to a participant.
(3) Condition B is that the legal owner, in reliance on the reputable intermediary condition being met with respect to the participant, does not comply with the deduction obligation in relation to the interest distribution.
(4) Condition C is that the deduction obligation would apply but for the reputable intermediary condition being met.
(5) Condition D is that (contrary to the belief of the legal owner) the participant is in fact ordinarily resident in the United Kingdom.
(6) Section 350 of ICTA (charge to tax where payments made under section 349) and Schedule 16 to that Act (collection of income tax on company payments which are not distributions) have effect as if the deduction obligation applied.

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Source: https://www.legislation.gov.uk/ukdsi/2006/0110740300/regulation/29 (the official version)
Page: https://openlegislation.uk/draft-authorised-investment-funds-tax-regulations-2006/regulation-29
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.