A participant's disposal of their interest in a reporting fund is a disposal for capital gains tax purposes1, and an amount equal to the accumulated undistributed income (ie the aggregate of any sums specified under SI 2009/3001, regs 94, 99(3)) is treated as consideration given for acquisition2, but excluding an equalisation amount used to reduce the amount of actual distributions (see B5.720)3. The expenditure is treated as incurred on the fund distribution date for the reporting period in which each amount is treated as distributed4, except where an amount chargeable
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