{
  "url": "https://openlegislation.uk/draft-authorised-investment-funds-tax-regulations-2006/regulation-53",
  "json_url": "https://openlegislation.uk/draft-authorised-investment-funds-tax-regulations-2006/regulation-53.json",
  "legislation": "ukdsi/2006/0110740300",
  "legislation_title": "The Authorised Investment Funds (Tax) Regulations 2006",
  "legislation_url": "https://openlegislation.uk/draft-authorised-investment-funds-tax-regulations-2006",
  "path": "regulation/53",
  "kind": "regulation",
  "number": "53",
  "heading": "Charge to tax under this Chapter",
  "text": "(1) A participant is charged to tax under this Chapter if the participant owns a substantial QIS holding in a qualified investor scheme.\n(2) But a participant is excepted from the charge to tax under this Chapter if the participant is—\n(a) a charity within the meaning of section 506(1) of ICTA;\n(b) a registered pension scheme within the meaning of Part 4 of the Finance Act 2004;\n(c) a scheme which is treated, under paragraph 1(1) of Schedule 36 to the Finance Act 2004, as a registered pension scheme within the meaning of Part 4 of that Act;\n(d) an insurance company within the meaning of section 431(2) of ICTA holding the units in the qualified investor scheme as assets of its long-term insurance fund;\n(e) a friendly society within the meaning of section 466(2) of ICTA;\n(f) a person for whom any profit on a sale of the units in the qualified investor scheme would be treated as a trading profit of its trade; or\n(g) a qualified investor scheme.\n(3) In these Regulations a “qualified investor scheme” means a fund, authorised by the Financial Services Authority, in which a statement that the fund is a qualified investor scheme is included in the instrument constituting the scheme.\n(4) In paragraph (2)(d) “long-term insurance fund” has the meaning given by section 431(2) of ICTA.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "footnote",
      "label": "f1",
      "text": "2004 c. 12."
    },
    {
      "type": "footnote",
      "label": "f2",
      "text": "The definition of “insurance company” in section 431(2) was substituted by Article 26(3) of S.I. 2001/3629."
    },
    {
      "type": "footnote",
      "label": "f3",
      "text": "The definition of “friendly society” in section 466(2) was substituted by paragraph 14(4) of Schedule 9 to the Finance (No. 2) Act 1992 (c. 48)."
    },
    {
      "type": "footnote",
      "label": "f4",
      "text": "The definition of “long-term insurance fund” was inserted (as “long term business fund”) by paragraph 1(2) of Schedule 6 to the Finance Act 1990 (c. 29), and amended by paragraphs 2(1)(b) and 2(2)(a) of Article 52 of S.I. 2001/3629."
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukdsi/2006/0110740300/regulation/53",
    "retrieved_at": "2026-10-30T15:21:25.506036+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}