Section 863H — Finance Act 2014: Election for special provision for alternative investment fund managers to apply

Election for special provision for alternative investment fund managers to apply 863H 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 (S.I. 2013/1773).