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HMRC internal manual

Company Taxation Manual

AIFs: Property authorised investment funds (Property AIFs): tax treatment of distributions in the hands of participants: participants within the charge to income tax - PAIF distributions (dividends)

Under regulation 69Z20 SI 2006/964, PAIF distributions (dividends) received byparticipants are treated in the same manner as any other UK company dividend.

In the hands of participants within the charge to income tax, PAIF distributions(dividends) carry a one-ninth non-repayable tax credit that will satisfy any income taxliability at the basic rate whilst higher rate taxpayers will have a further liability.