Income Tax (Trading and Other Income) Act 2005 section 374

Date when interest payments under section 373 made

Section 374 determines the date on which interest distributions from open-ended investment companies, as described in section 373, are treated as having been paid.

• The deemed payment date depends on whether the company's governing documents specify a date for the distribution in the relevant period.
• The relevant documents are the company's instrument of incorporation and its current prospectus (including supplements), or, for a sub-fund of an umbrella company, the equivalent parts of the umbrella company's documents.
• If a distribution date is specified in those documents, the interest payments are treated as made on that specified date.
• If no distribution date is specified, the interest payments are treated as made on the last day of the distribution period.