Income Tax (Trading and Other Income) Act 2005 section 375

Interpretation of sections 373 and 374

Section 375 provides definitions for the key terms used in sections 373 and 374, which deal with interest distributions from open-ended investment companies (OEICs).

• Defines key terms including "distribution", "distribution accounts", "distribution period", and "open-ended investment company" as they apply to the OEIC interest distribution rules
• A "distribution" includes not only cash payments but also amounts reinvested on behalf of shareholders holding accumulation shares
• An "accumulation share" is one where income is periodically credited to the capital part of the company's scheme property rather than paid out
• References to the OEIC Regulations mean the Open-ended Investment Companies (Tax) Regulations 1997, and "umbrella company" takes its meaning from section 615 of the Corporation Tax Act 2010