# The Authorised Investment Funds (Tax) Regulations 2006, Regulation 54: Meaning of “substantial QIS holding”


(1) For the purposes of this Chapter a participant owns a substantial QIS holding in a qualified investor scheme if the participant, either alone or together with associates or connected persons, (and otherwise than as a nominee or a bare trustee) owns units which represent rights to 10% or more of the net asset value of the fund.
This is without prejudice to what is meant by “substantial” where the word appears in other contexts.
(2) Section 417 of ICTA applies for the purposes of this regulation to determine whether persons are associates.
(3) Section 839 of ICTA (connected persons) applies for the purposes of this regulation.
(4) A participant who owns a substantial QIS holding in a qualified investor scheme continues to own a substantial QIS holding in that scheme until the date on which the whole of that holding is disposed of (so that, accordingly, it does not matter that the holding no longer represents 10% or more of the net value of the qualified investor scheme).
(5) Paragraph (4) is subject to regulation 63 (cases where a participant’s holding becomes substantial).

---
Source: https://www.legislation.gov.uk/ukdsi/2006/0110740300/regulation/54 (the official version)
Page: https://openlegislation.uk/draft-authorised-investment-funds-tax-regulations-2006/regulation-54
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.