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HMRC internal manual

Company Taxation Manual

Authorised investment funds (AIFs): structure, arrangement and tax status of funds: introduction

CTM48400 deals with general issues relating to authorised investment funds (AIFs) that are, or may be in some circumstances, relevant to the taxation of the fund or of its participants (investors with beneficial ownership of units).

For detailed information on other issues relevant to AIFs readers should refer to the handbook published by the regulator, the Financial Conduct Authority (FCA). Details of the FCA rules for AIFs can be found in the FCA ‘COLL’ handbook which can be accessed via the FCA website at .

Note that AIFs include both authorised unit trusts (AUTs) and open-ended investment companies (OEICs) and that references in the tax regulations, in the FCA handbook and in these pages to units in an AIF are references to units in an AUT or to shares in an OEIC.