Regulation 2 Amendment of the Authorised Investment Funds (Tax) Regulations 2006

In the Authorised Investment Funds (Tax) Regulations 2006^f1 for regulation 95 substitute—

“Modifications of FA 1996

95.

(1)

FA 1996^f2 is modified as follows.

(2)

In paragraph 4 of Schedule 10 (loan relationships: collective investment schemes: company holdings in unit trusts and offshore funds)^f3—

(a)

in sub-paragraph (1)(a) the words “, open-ended investment company” are treated as inserted after the words “unit trust scheme”,

(b)

in sub-paragraph (1)(b) the word “, company” is treated as inserted after the word “scheme”,

(c)

in sub-paragraph (4) the words “or open-ended investment company” are treated as inserted after the words “authorised unit trust”,

(d)

in sub-paragraph (5) the words “scheme, fund or open-ended investment company” are treated as substituted for the words “scheme or fund”, and

(e)

the following sub-paragraph is treated as inserted at the end—

“(7)

In this paragraph “open-ended investment company” has the same meaning as in sub-paragraph (7A)(b) of paragraph 8 below; and sub-paragraphs (7A) to (7D) of that paragraph apply for the purposes of this paragraph as they apply for the purposes of paragraph 8.”.

(3)

In paragraph 8 of Schedule 10 (loan relationships: collective investment schemes: non-qualifying investments test)^f4—

(a)

in sub-paragraph (1)—

(i)

the words “, open-ended investment company” are treated as inserted after the words “unit trust scheme”, and

(ii)

the word “, company” is treated as inserted after the words “investments of the scheme”;

(b)

in sub-paragraph (2)—

(i)

the words “, open-ended investment company” are treated as inserted after the words “unit trust scheme”, and

(ii)

the word “, company” is treated as inserted after the words “investments of the scheme”.”.