{
  "url": "https://openlegislation.uk/draft-investment-trust-approved-company-tax-regulations-2011/regulation-28",
  "json_url": "https://openlegislation.uk/draft-investment-trust-approved-company-tax-regulations-2011/regulation-28.json",
  "legislation": "ukdsi/2011/9780111516683",
  "legislation_title": "The Investment Trust (Approved Company) (Tax) Regulations 2011",
  "legislation_url": "https://openlegislation.uk/draft-investment-trust-approved-company-tax-regulations-2011",
  "path": "regulation/28",
  "kind": "regulation",
  "number": "28",
  "heading": "Breach of the income distribution requirement",
  "text": "(1) Subject to paragraph (4), there is a breach of the income distribution requirement if—\n(a) there is a difference between—\n(i) the amount that the investment trust is required to distribute in relation to an accounting period in accordance with regulations 19 and 21, and\n(ii) the amount which the investment trust distributed in relation to that accounting period, and\n(b) the amount referred to in paragraph (ii) is less than the amount referred to in paragraph (i).\n(2) If the difference between the two amounts specified in paragraph (1) is greater than 1% but less than or equal to 5% of the income of the investment trust for the accounting period then, subject to paragraph (5), the breach is a minor breach.\n(3) If the difference between the two amounts specified in paragraph (1) is greater than 5% of the income of the investment trust for the accounting period, the breach is a serious breach.\n(4) If the difference between the two amounts specified in paragraph (1) is less than or equal to 1% of the income of the investment trust for the accounting period then, subject to paragraph (5), the investment trust is to be treated as not having breached the income distribution requirement.\n(5) Paragraph (4) only applies if the failure to comply with the income distribution requirement was inadvertent.\n(6) For the purpose of this regulation, the income of the investment trust includes income that falls to be reported to it in accordance with regulation 92(1)(b) (contents of report to participants: non-transparent funds) of the Offshore Funds Regulations.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukdsi/2011/9780111516683/regulation/28",
    "retrieved_at": "2026-10-30T14:52:49.907490+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."
}