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HMRC internal manual

Capital Gains Manual

From
HM Revenue & Customs
Updated
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Open-ended investment companies (OEICs): general modifications to TCGA 1992

The Authorised Investment Funds (Tax) Regulations 2006 (SI2006/964) Regulation 98enures that TCGA 1992 broadly has effect in relation to OEICs in the same way as it haseffect in relation to authorised unit trusts (AUTs). Other regulations establish parallelsbetween specific terms used in TCGA 1992 when referring to an AUT (or to a unit trustscheme as denoting or including an AUT) and equivalent terms applicable to an OEIC, sothat the former is treated as including the latter. You should note, however, that theregulations include certain exceptions to these parallels.

AUT term OEIC term (subject to exceptions Regulation
     
authorised unit trust open-ended investment company 100(1)(a)
     
unit trust scheme (used as denoting open-ended investment company 100(1)(b)
or including an AUT)    
     
the trustees of an AUT or a unit trust open-ended investment company 100(1)(c)
scheme in Reg.100(1)(b)    
     
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  
     
a unit or an interest in, or rights a share in the OEIC concerned 102(1)
under, an AUT or a unit trust scheme    
in Reg.100(1)(b)    
     
an entitlement to a share of, or in, a share in the OEIC concerned 102(1)
the investments of an AUT or a unit    
trust scheme in Reg.100(1)(b)    
     
accumulation units in an AUT or a accumulation shares in the OEIC 103(1)
unit trust scheme in Reg.100(1)(b) concerned  
     
the holder of a unit within the owner of a share in the OEIC 104(1)
regulation 102(1) concerned