Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Funds definition

What does Funds mean? In legal practice, funds describes pooled investment arrangements where assets are managed to a stated investment objective for the benefit of participating investors. The term is descriptive and used across multiple contexts; specific definitions and rules appear in legislation and regulation, including the Financial Services and Markets Act 2000 and the UCITS and AIFMD regimes (as implemented in the UK and Ireland). Typical features include: investors holding units or shares that represent a proportionate interest; pricing by reference to net asset value; assets held by an independent depositary or custodian separate from the manager; and operation under constitutional documents and...

UK taxation of individual investors in authorised investment funds (OEICs and AUTs): interest/dividend distributions, bond versus equity classification, CGT on disposals, accumulation units, equalisation and umbrella funds

Published by a LexisNexis Tax expert

Practice notes

FORTHCOMING CHANGE relating to abolition of the non-dom regime and introduction of a residence-based regime:

In the Autumn budget 2024, the government signalled it will advance the previous administration’s proposal to scrap the remittance basis of taxation for non‑UK domiciled individuals and bring in a residence‑based regime, taking effect from 6 April 2025.

For details on these changes, see Practice Note: The abolition of the remittance basis of taxation from 2025–26 and News Analyses: Autumn Budget 2024—Private Client analysis—International and Autumn Budget 2024—reforming the taxation of non-doms.

This Practice Note considers how UK income tax applies to investors in open‑ended investment companies (OEICs) and authorised unit trusts (AUTs). Throughout, these investors are termed ‘individual investors’.

Be aware that distinct provisions, not covered here, can apply to investors acting as financial traders. Non‑UK residents might be taxed on income and gains in their own jurisdiction of residence under local law. Tax legislation collectively labels OEICs and AUTs as authorised investment funds (AIFs)...

To view the latest version of this document and thousands of others like it, sign-in with LexisNexis or register for a free trial.

Camilla Spielman

Camilla has provided tax advice to the Financial Services Group since 1990. She has wide experience of advising on the taxation of all types of investment funds and in particular advises fund management groups on new product development.Camilla's UK work includes the tax structuring for authorised unit trust and OEIC launches and reconstructions, for both securities and property funds. She also advises on unauthorised funds, including exempt unauthorised unit trusts. Offshore, she advises on the structuring and restructuring of traditional and alternative funds, both open and closed-ended.Recently, Camilla has worked on the launch and seeding of the Royal London Asset Management UK property authorised contractual scheme with a PAIF feeder. She has acted as sole or lead tax adviser in relation to most existing authorised contractual schemes and PAIFs, as well as on the only PAIF merger to...

Web page updated on 22/05/2026

Popular documents

Using the Judicial College Guidelines to assess general damages in personal injury claims

When evaluating a general damages claim, the practitioner ought initially to refer to the Judicial College Guidelines (JCG)...

Tomlin orders in England and Wales: CPR guidance on drafting, confidentiality, approval, variation, enforcement, limitation, CCA issues, court-specific requirements, sample wording and precedents

This Practice Note This Practice Note reviews mechanisms used in settling litigation. A Tomlin order consists of a consent order paired with a schedule. It operates to stay proceedings on terms that have been agreed. The provisions contained in the schedule may remain confidential. This Practice Note describes the scope of confidentiality attaching to the schedule and sets out how it differs from a standard consent order. Sample wording for a Tomlin order is included, alongside links to precedents, as well as guidance on court approval. It also addresses varying, setting aside and enforcing a Tomlin order, including the considerations the court will take into account when handling applications for each. Further guidance is provided on interpreting and applying the relevant provisions of the CPR; however, some courts and divisions impose very specific requirements for both drafting and approval, and for approaching the schedule and confidentiality issues. Accordingly, you must consider the particular rules and court guide provisions in the forum where your claim is proceeding when drawing up the Tomlin order...

Precedent: Deed of Surrender of Lease with Optional Premium, Settlement and Release, Landlord, Mortgagee and Guarantor Consents, Reimbursement and HM Land Registry Provisions (England and Wales)

Date [ date ] Parties [ name of Landlord ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Landlord) [ name of Tenant ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Tenant) [ [ name of Guarantor ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Guarantor) ] [ [ name of Mortgagee ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Mortgagee) ] Definitions Within this Deed, the terms below shall be interpreted as follows: [ Annual Rent • the annual sum reserved under the Lease; ] [ Insurance Rent • the Tenant’s share of the Landlord’s costs of insuring the Property (as set out in the Lease); ] Lease • the lease of the Property dated [ date ], entered into between (1) [ the Landlord OR [ name ...

Precedent Statutory Declaration: Standard Wording under the Statutory Declarations Act 1835

I, [ name ], of [ address ], solemnly and sincerely state that: [ Matters to be verified, set out in numbered paragraphs ] I make this solemn statement in good conscience, believing it to be true, and pursuant to the provisions of the Statutory Declarations Act 1835. DECLARED at [ details ] this [ day ] day of [ month and year ] Before me ................................................................................ [ signature of the person before whom the declaration is made ] A [ commissioner for oaths OR [ solicitor OR [ insert other qualification ] ] authorised to administer oaths ]...