Guidance for Practitioners

Contents

• Authorised Investment Funds - Authorised Unit Trusts and Open-ended Investment Companies
• Interest Distributions paid without deduction of tax by Authorised Investment Funds
• Offshore Funds
• Unauthorised Unit Trusts

Authorised Investment Funds - Authorised Unit Trusts and Open-ended Investment Companies

• Authorised Unit Trust and Open-ended Investment Companies Interest Distribution Guidance Notes
• Tax Bulletin 60 (Opens new window)
  which includes an article on AUTs and OEIC Loan Relationships and Derivative Contract Regimes
• Tax Bulletin 80 (Opens new window)
  which includes an article on Authorised Investment Funds: Loan Relationships and Derivative Contracts
• Company Tax Manual: Collective Investment Scheme Chapter
• Corporate Finance Manual:
  Collective Investment Schemes: This guidance describes the post FA 2002 provisions for the taxation of loan relationships, derivative contracts and forex for AUTs and OEICs.
• Capital Gains Tax Manual
  Unit Trusts - covers AUTs, OEICS and UUTs
• SI 2006/964 The Authorised Investment Funds (Tax) Regulations 2006
  Detailed rules relating to the taxation of AIFs(AUTs and OEICs) and their investors
• Minor amendment to S12006/964 applying to Financial Traders SI2006/3239 (PDF 33K) (Opens new window)
• Savings and Investment Manual: Collective Investment Schemes_ Authorised Investment Funds

Offshore Funds

• Definition of Offshore Funds – Finance Act 2007
• Approving Distributor Status
• Offshore Funds Guide
• Tax Bulletin 73 (Opens new window) which has an article on the 2004 Offshore Funds Legislation
• List of Distributing Funds
• Savings and Investments Manual: Collective Investment Schemes: Offshore Funds
• Corporate Finance Manual (CFM)
  This guidance describes the post FA2002 provisions for the taxation of loan relationships, derivative contracts and forex for Company holdings in Unit Trusts, Open-ended Investment Companies and Offshore Funds

Unauthorised Unit Trusts

To register an unauthorised unit trust, please send the following draft documentation

• Draft/conformed trust deed
• Information Memorandum (or brief outline of investment objectives)
• Proposed Tax Voucher
• If a Limited Partnership, copy of the Limited Partnership agreement
• Potential launch date of the scheme

To:

HMRC Unauthorised Unit Trust Centre
6th Floor
Concept House
5 Young Street
Sheffield
S1 4LA

For further advice on registering unauthorised unit trusts please write to the above address or telephone:

• Sandra Whyman on 0114 2969 688
• Liz Foster 0114 2969 377
  
• Savings and Investments Manual: Collective Investment Schemes, Unauthorised Unit Trusts, Enterprise Zone Schemes and Pension Pooling Schemes
• Capital Gains Tax Manual - Unit Trusts - covers AUTs, OEICS and UUTs

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