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HMRC internal manual

Company Taxation Manual

Authorised investment funds (AIFs): gross payment of interest distributions: residence condition - joint holdings

Where two or more persons are jointly beneficially entitled to a share of the investments of an authorised investment fund, they are to be treated as joint unit holders. Any declaration that they satisfy the residence condition must be made by all unit holders.

Where any person named as a joint unit holder in a declaration ceases to be, or a person not named in the declaration becomes a joint unit holder the declaration will cease to be valid. The fund concerned must deduct tax from interest distributions paid after the date of the change unless it has received a new valid declaration.

Where any person who is a joint holder does not satisfy the residence condition the fund must deduct tax from the whole of the interest distribution payable in respect of the joint holding.