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HMRC internal manual

Company Taxation Manual

Authorised investment funds: collective investment schemes: general: types of scheme

Authorised Investment Funds (AIFs)

These are funds authorised and regulated by the Financial Services Authority (FSA) under the terms of the Financial Services and Markets Act 2000 (FSMA00). They include authorised unit trusts and open-ended investment companies (CTM48115).

Special categories of AIFs include:

  • A Property AIF. This invests mainly in real property and will need to meet certain criteria before opting for special tax treatment. For further information on Property AIFs please refer to CTM48800 to CTM48882.

Unauthorised Unit Trusts (UUTs)

These are unit trusts which have not been authorised by the FSA under Section 243 of FSMA00 (CTM48130).

Offshore Funds

These are collective investment schemes set up outside the UK. The funds are not subject to UK tax but UK resident investors in those funds are subject to special tax rules. They may take various legal forms (CTM48135).