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HMRC internal manual

Company Taxation Manual

Authorised investment funds: taxation of participants within the charge to IT: disposals

A disposal, for the purposes of TCGA92, of units in an authorised investment fund (including shares in an open-ended investment company) may give rise to a charge to capital gains tax.

For more details please see the capital gains manual as follows:

  • Unit trusts - CG57680 onwards.
  • Open-ended investment companies - CG 57750 onwards.

Umbrella schemes / umbrella companies

Please see CTM48410 for an explanation of these and the tax treatment applying. This page also gives cross-references to the capital gains manual for details of the treatment for chargeable gains purposes of exchanges of units between sub-funds.