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Introduction

Regulation 70 of SI2006/964 prescribes an alternative way in which a TEF can provide tax information to investors.

»Ê¹ÚÌåÓýapp optional, alternative provision allows a TEF to send to the investor less detailed information with the means to access more detailed information in another format.

Required information

Under regulation 70(4)(a) SI2006/964, the information that must be sent by post or electronically (subject to the conditions in IFM06420) to investors is as follows:

1. the gross amount of the distribution made to the investor (including any amount accumulated to the investor);
2. the number and class of units held by the investor in respect of which the distribution is made;
3. the net amount of the distribution per unit (if a gross share class then the gross amount of the distribution per unit);
4. Whether any tax has been deducted;
5. »Ê¹ÚÌåÓýapp date the distribution was made; and
6. »Ê¹ÚÌåÓýapp percentage of the gross distribution attributable to the TEF distribution (dividend) and the percentage attributable to the TEF distribution (non-dividend).

(»Ê¹ÚÌåÓýapp ‘gross amountâ€� of the distribution is the total of any dividend and non-dividend elements before any tax is deducted from the non-dividend element.)

Access to an electronic means of information

Where information is sent by the TEF to its investors, under regulation 70(4)(b) the TEF must provide a means of obtaining all the information required to complete a tax statement set out in section 1104 of the Corporation Tax Act 2010 (see IFM06420).

»Ê¹ÚÌåÓýapp regulation does not specify what kind of electronic means should be used. However, if investors can freely access information on a website and a web-based calculator, that would be sufficient provided they could establish the following information:

• »Ê¹ÚÌåÓýapp amount of the dividend and or interest paid
• (Up to 5 April 2017) »Ê¹ÚÌåÓýapp rate and the amount of any income tax deducted from the interest paid
• (Up to 5 April 2017) »Ê¹ÚÌåÓýapp net amount of interest paid

Under regulation 70(4)(c) SI2006/964, the TEF must provide an alternative method of accessing information for investors who cannot access information electronically.