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HMRC internal manual

Capital Gains Manual

HM Revenue & Customs
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Unit and investment trusts: authorised investment funds: qualifying investor schemes

An AIF – whether an authorised unit trust or an OEIC – may also be aqualified investor scheme (QIS). QIS funds have wider investment and borrowing powers thanother AIFs can only be marketed to ‘qualified’ investors – see CTM48800onwards. The tax treatment of a QIS as an entity is the same as for other AIFs, butspecial rules apply to investors in QIS funds: see CTM48800 onwards for details.