# The Authorised Investment Funds (Tax) Regulations 2006, Regulation 53: Charge to tax under this Chapter


(1) A participant is charged to tax under this Chapter if the participant owns a substantial QIS holding in a qualified investor scheme.
(2) But a participant is excepted from the charge to tax under this Chapter if the participant is—
(a) a charity within the meaning of section 506(1) of ICTA;
(b) a registered pension scheme within the meaning of Part 4 of the Finance Act 2004;
(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;
(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;
(e) a friendly society within the meaning of section 466(2) of ICTA;
(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
(g) a qualified investor scheme.
(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.
(4) In paragraph (2)(d) “long-term insurance fund” has the meaning given by section 431(2) of ICTA.

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Source: https://www.legislation.gov.uk/ukdsi/2006/0110740300/regulation/53 (the official version)
Page: https://openlegislation.uk/draft-authorised-investment-funds-tax-regulations-2006/regulation-53
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.