Part 3 Alternative Investment Fund Managers: Deferred Remuneration etc
Finance Act 2014 (2014 c 26) | Legislation

Part 3 Alternative Investment Fund Managers: Deferred Remuneration etc

Main provision

15

At the end of Part 9 of ITTOIA 2005 (partnerships) insert—

“Alternative investment fund managers

863H Election for special provision for alternative investment fund managers to apply

(1)     Section 863I applies in relation to an AIFM trade of an AIFM firm if the AIFM firm elects for that section to apply.

(2)     An election under this section must be made within 6 months after the end of the first period of account for which the election is to have effect.

(3)     An “AIFM firm†is a firm—

(a)     the regular business of which is managing one or more AIFs, or

(b)     which carries out one or more functions of managing one or more AIFs—

(i)     as the delegate of, or

(ii)     as the sub-delegate of a delegate of,

a person whose regular business is managing one or more AIFs.

(4)     An “AIFM trade†is a trade of an AIFM firm which involves the firm's activities mentioned in subsection (3)(a) or (b).

(5)     Subsection (3)(a) and (b) is to be construed as if it were contained in regulation 4 of the Alternative Investment Fund Managers Regulations 2013 (SI

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