CG41570 - Open-ended investment companies (OEICs): general modifications to TCGA 1992
The Authorised Investment Funds (Tax) Regulations 2006 (SI2006/964) Regulation 98 enures that TCGA 1992 broadly has effect in relation to OEICs in the same way as it has effect in relation to authorised unit trusts (AUTs). Other regulations establish parallels between specific terms used in TCGA 1992 when referring to an AUT (or to a unit trust scheme as denoting or including an AUT) and equivalent terms applicable to an OEIC, so that the former is treated as including the latter. You should note, however, that the regulations include certain exceptions to these parallels.
| AUT term | OEIC term (subject to exceptions | Regulation |
| authorised unit trust | open-ended investment company | 100(1)(a) |
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| unit trust scheme (used as denoting | open-ended investment company | 100(1)(b) |
| or including an AUT) |
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| the trustees of an AUT or a unit trust | open-ended investment company | 100(1)(c) |
| scheme in Reg.100(1)(b) |
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| the manager of an AUT or a unit trust | the authorised corporate director of | 101(1) |
| scheme in Reg.100(1)(b) | the OEIC concerned |
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| a unit or an interest in, or rights | a share in the OEIC concerned | 102(1) |
| under, an AUT or a unit trust scheme |
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| in Reg.100(1)(b) |
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| an entitlement to a share of, or in, | a share in the OEIC concerned | 102(1) |
| the investments of an AUT or a unit |
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| trust scheme in Reg.100(1)(b) |
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| accumulation units in an AUT or a | accumulation shares in the OEIC | 103(1) |
| unit trust scheme in Reg.100(1)(b) | concerned |
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| the holder of a unit within | the owner of a share in the OEIC | 104(1) |
| regulation 102(1) | concerned |
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