Explanatory note

These Regulations amend the Open-ended Investment Companies (Tax) Regulations 1997 (S.I. 1997/1154) (“the principal Regulations”).

Regulation 1 provides for citation and commencement, and regulation 2 for interpretation.

Regulation 3 substitutes a new regulation 3 of the principal Regulations. The new regulation corrects a printing error in the print of the principal Regulations which was made and laid before the House of Commons, in which three lines of paragraph (1) of regulation 3 were repeated in error. The repeated words are omitted in the Queen’s Printer’s copy of the principal Regulations. The new regulation also makes a drafting improvement to the replaced regulation.

Regulation 4 inserts paragraph (2) in regulation 5 of the principal Regulations. The paragraph was omitted in error in the print of the principal Regulations which was made and laid before the House of Commons.

Regulations 5 and 6 correct drafting errors in regulations 7(1)(b) and 11(2)(b) of the principal Regulations.