# The Authorised Investment Funds (Tax) Regulations 2006, Regulation 57: How tax is charged under this Chapter: income tax


(1) This regulation applies in the case of a participant chargeable to income tax.
(2) The following amounts must be calculated—
(a) the difference in value calculated by reference to each chargeable measuring date falling within a tax year; and
(b) the aggregate amount of those differences in value.
(3) If the aggregate amount is a positive amount, the participant is charged to income tax under Chapter 8 of Part 5 of ITTOIA 2005 (income not otherwise charged) on that aggregate amount for that tax year.
(4) If the aggregate amount is a negative amount, the participant is treated as if—
(a) a loss of that aggregate amount had been sustained by the participant in a transaction, and
(b) this regulation were listed in Part 3 of the Table in section 836B of ICTA.

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Source: https://www.legislation.gov.uk/ukdsi/2006/0110740300/regulation/57 (the official version)
Page: https://openlegislation.uk/draft-authorised-investment-funds-tax-regulations-2006/regulation-57
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.