Section 863H Election for special provision for alternative investment fund managers to applyF1
Section 863I applies in relation to an AIFM trade of an AIFM firm if the AIFM firm elects for that section to apply.
An election under this section must be made within 6 months after the end of the first period of account for which the election is to have effect.
An “AIFM firm” is a firm—
the regular business of which is managing one or more AIFs, or
which carries out one or more functions of managing one or more AIFs—
as the delegate of, or
as the sub-delegate of a delegate of,
a person whose regular business is managing one or more AIFs.
An “AIFM trade” is a trade of an AIFM firm which involves the firm's activities mentioned in subsection (3)(a) or (b).
Subsection (3)(a) and (b) is to be construed as if it were contained in regulation 4 of the Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773).
Annotations
Textual amendments
- F1
Ss. 863H-863L and cross-heading inserted (with effect in accordance with Sch. 17 para. 21 of the amending Act) by Finance Act 2014 (c. 26), Sch. 17 para. 15
Notes on Part 9
Modifications
- C1
Pt. 9 applied (1.4.2010) by Income Tax Act 2007 (c. 3), ss. 809BZH(2)(a), 809BZK(4)(a) (as inserted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 5 para. 3 (with Sch. 9 paras. 1-9, 22))
- C2
Pt. 9 modified (with effect as mentioned in Sch. 6 para. 6(2)-(7) to the amending Act) by Income and Corporation Taxes Act 1988 (c. 1) , s. 774D(4) as inserted by Finance Act 2006 (c. 25), s. 76, Sch. 6 para. 6(1)