IFM09305 | Taxation of investors: Introduction

A RIF is not liable to direct taxes because it does not have its own legal personality.

This chapter sets out the Income tax (IFM09310), capital gains tax (IFM09320) and capital allowance (IFM09360) treatment of participants in a RIF.

The term ‘participant’ is a defined term in Regulation 2, by reference to section 235 of FSMA 2000, and in broad terms means an investor in a RIF.