The rules governing the tax treatment of authorised investment funds are contained in the Authorised Investment Funds (Tax) Regulations. They apply for income tax purposes for the tax year 2006/07 and for distributions made on or after 6 April 2006. For corporation tax purposes they apply on income for accounting periods beginning on or after 1 April 2006, on chargeable gains in relation to disposals made on or after 1 April 2006 and for distributions made on or after 1 April 2006. They also apply for capital gains tax purposes in relation to disposals made on or after 6 April 20061.
Computation of profit/loss
For tax purposes, the
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