# The Authorised Investment Funds (Tax) Regulations 2006, Regulation 71: Notification of interest distributions made without deduction of tax


(1) If, during a tax year, an authorised investment fund has made interest distributions without deduction of tax, the legal owner must give notice of that fact to the Commissioners within 14 days of the end of that tax year.
(2) Notice given under paragraph (1)—
(a) must be in writing, and
(b) has effect for the tax year in which it is given and for subsequent tax years until the notice is withdrawn.
(3) An authorised investment fund that fails to comply with paragraph (1) is liable to a penalty not exceeding £3,000 determined in accordance with section 100 of TMA 1970.
(4) Sections 100A, 100B, 102, 103(4) and 118(2) of TMA 1970 apply to a penalty determined in accordance with paragraph (3).

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Source: https://www.legislation.gov.uk/ukdsi/2006/0110740300/regulation/71 (the official version)
Page: https://openlegislation.uk/draft-authorised-investment-funds-tax-regulations-2006/regulation-71
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.