The Authorised Investment Funds (Tax) (Amendment No. 2) Regulations 2007

• Citation: S.I. 2007/794
• Sections: 8

Section 1 Citation, commencement and effect

(1) These Regulations may be cited as the Authorised Investment Funds (Tax) (Amendment No. 2) Regulations 2007 and shall come into force on 6th April 2007.

(2) In these Regulations “the principal Regulations ” means the Authorised Investment Funds (Tax) Regulations 2006 .

Section 2 Amendment of the principal Regulations: general

The principal Regulations are amended as follows.

Section 3 Amendment of regulation 26 of the principal Regulations

In regulation 26(4)(c) (deduction of tax where interest distributions made) insert “or” at the end.

Section 4 Amendment of regulation 81 of the principal Regulations

In regulation 81(1) (distributions by authorised unit trust after the end of its pre-transfer accounting period) for “3.1.4” substitute “22”.

Section 5 Insertion of regulation 93A in the principal Regulations

Insert the following regulation after regulation 93 (modification of the Tax Acts: introduction)—

Modifications of TMA 1970

(93A)

(1) TMA 1970 is modified as follows.

(2) In section 98(4E) (special returns etc. ) —

(a) in paragraph (a) for “trustees of an authorised unit trust” substitute “legal owner of an authorised investment fund”;

(b) in paragraph (b)—

(i) for “trustees” substitute “legal owner”, and

(ii) for “do not comply” substitute “does not comply”; and

(c) in paragraph (d) for “trustees” substitute “legal owner”.

Section 6 Amendment of regulation 94 of the principal Regulations

In regulation 94(5) (modifications of the Income and Corporation Taxes Act 1988 ) for “he following subsection is treated as insert” substitute “the following subsection is treated as inserted”.

Section 7 Amendment of the Schedule to the principal Regulations

In Part 2 of the Schedule to the principal Regulations (abbreviations and defined expressions) insert at the appropriate places—

Section 8 Revocations

The following provisions of the principal Regulations are revoked—

(a) regulation 1(3);

(b) in regulation 26(4), sub-paragraph (e) and the word “or” immediately preceding it;

(c) regulations 34 to 46.