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The tax rate applicable to authorised investment funds in light of the increasingly low rates of corporation tax.
KEY POINTS
- CTA 2010 s 614 and s 618 cover the tax rate for authorised investment funds.
- The applicable rate has been 20% for many years.
- HMRC has no plans to change the rate for such funds.
Authorised investment funds (AIFs) – authorised unit trusts (AUTs) and open-ended investment companies (OEICs) – pay tax at the applicable corporation rate which is the basic rate of income tax in force at the start of the tax year in the financial year(s) in the accounting period (CTA 2010 s 614 and s 618). See Legislation.
In each case the ‘and s 18 and s 19 (relief for companies with small profits) do not apply’ has been repealed by FA 2014 as a...
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