IFM02320 - Authorised investment funds (AIFs): qualified investor schemes (QISs) and long-term asset funds (LTAFs): tax and the genuine diversity of ownership condition

Introduction

The GDO condition in regulation 9A of SI2006/964 applies to all QIS and LTAFs. The GDO was introduced as a tax requirement to ensure that the tax benefits only apply to relevant funds which are widely marketed, rather than closely held for the benefit of a few pre-determined individuals. A similar rule also applies to property authorised investment funds (PAIFs), and any authorised investment funds that wish to access the ‘investment transactions list’ see IFM18000.

Criteria required to meet the GDO condition

For detailed guidance on the GDO condition, please refer to IFM17000.