SolvedCG41570 | Open-ended investment companies (OEICs): general modifications to TCGA 1992
From HM Revenue & Customs · Capital Gains Manual
The Authorised Investment Funds (Tax) Regulations 2006 (SI2006/964) Regulation 98 ensures that TCGA 1992 broadly has effect in relation to OEICs in the same way as it has effect in relation to authorised unit trusts (AUTs). Other regulations establish parallels between specific terms used in TCGA 1992 when referring to an AUT (or to a unit trust scheme as denoting or including an AUT) and equivalent terms applicable to an OEIC, so that the former is treated as including the latter. You should note, however, that the regulations include certain exceptions to these parallels.
| AUT term | OEIC term (subject to exceptions) | Regulation |
|---|---|---|
| authorised unit trust | open-ended investment company | 100(1)(a) |
| unit trust scheme (used as denoting or including an AUT) | open-ended investment company | 100(1)(b) |
| the trustees of an AUT or a unit trust scheme in Reg.100(1)(b) | open-ended investment company | 100(1)(c) |
| the manager of an AUT or a unit trust scheme in Reg.100(1)(b) | the authorised corporate director of the OEIC concerned | 101(1) |
| a unit or an interest in, or rights under, an AUT or a unit trust scheme in Reg.100(1)(b) | a share in the OEIC concerned | 102(1) |
| an entitlement to a share of, or in, the investments of an AUT or a unit trust scheme in Reg.100(1)(b) | a share in the OEIC concerned | 102(1) |
| accumulation units in an AUT or a unit trust scheme in Reg.100(1)(b) | accumulation shares in the OEIC concerned | 103(1) |
| the holder of a unit within regulation 102(1) | the owner of a share in the OEIC concerned | 104(1) |