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 鈥榠nvestment transactions list鈥� see IFM18000.

Criteria required to meet the GDO condition

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