Authorised investment funds (AUTs and OEICs)

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STOP PRESS: Abolition of non-dom regime and introduction of residence-based IHT regime Finance Act 2025 (FA 2025) which received Royal Assent on 20 March 2025, implements legislation to abolish the remittance basis of taxation and replace it with a residence-based regime, commencing on 6 April 2025. FA 2025 also replaces domicile as the key factor in establishing liability to inheritance tax. Other changes include amendment of the rules determining excluded property status, the abolition of protected settlements status of offshore trusts, and changes to overseas workday relief.

For information on these changes, see: Practice Notes: The abolition of the remittance basis of taxation from 2025–26 and A new residence-based regime for IHT from 2025–26.

What are authorised investment funds (AIFs)?

The term ‘authorised investment fund’ (often abbreviated to ‘AIF’) is tax terminology for two types of fund: the authorised unit trust (AUT) and the open-ended investment company (OEIC).

AUTs and OEICs are varieties of collective investment scheme that are authorised and regulated by the Financial Conduct Authority. The term ‘AIF’, used to describe them both, is found in the Authorised

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