Following on from Finance (No. 2) Act 2005, published today (14 December 2005) are draft regulations covering the detailed arrangements for the taxation of AIFs (PDF 243K) and a Partial Regulatory Impact Assessment (PDF 46K). Please note that this partial RIA includes some specific points on which HMRC would like to receive comment.
An explanatory note is to be found at the end of the draft regulations.
The draft regulations consolidate and simplify the existing regimes, provide a rule that applies different tax treatment to investors who own 10% or more of a Qualified Investor Scheme (QIS), extend the circumstances in which certain individuals who are UK resident can receive interest distributions gross and incorporate and update an existing extra statutory concession into legislation.
The industry is now invited to send comments on this draft and on the impact assessment to AIFregs.CTVat@hmrc.gsi.gov.uk as soon as possible and at the latest by 3 February 2006 please.
