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Technical guidance

This section contains guidance issued to our Members on accounting, statistics, regulation, legal and tax matters.

The latest papers are listed below:

22 Jul 2010
Stewardship Code (PDF 20 KB) Regulation and legal
The AIC has published a guidance note for investment company boards on the FRC's new Stewardship Code.
19 Jul 2010
Grossing up of foreign dividends (PDF 16 KB) Tax
Following discussions with HM Revenue and Customs, the AIC has produced this note to explain how overseas dividends should be recorded when calculating income for shares and securities for the purposes of section 1158 Corporation Tax Act 2010.
19 Feb 2010
AIC seminar on financing issues for investment company boards (PDF 30 KB) Regulation and legal
The AIC has published papers from its seminar on financing issues for investment company boards held on 16th February 2010. This includes the slides from six presentations made by external speakers and details of the lenders which attended this event.
11 Dec 2009
Disclosure and Transparency Rules - slides from AIC Seminar (PDF 62 KB) Regulation and legal
The AIC has published slides from its seminars in the Channel Islands on the FSA's Disclosure and Transparency Rules.
24 Jul 2009
Investing policies: AIC guidance on the requirements of the AIM Rules (PDF 93 KB) Regulation and legal
The AIC has published guidance to help boards of its AIM Members prepare investing policies as required by the AIM Rules.
21 May 2009
Further guidance on the Disclosure and Transparency Rules - updated (PDF 110 KB) Regulation and legal
The AIC has updated its 'questions and answers' guidance paper on the publication and dissemination of periodic financial information under the Disclosure and Transparency Rules. This paper was originally published in September 2008.
09 Mar 2009
AIC Code of Corporate Governance© (PDF 179 KB) Regulation and legal
The AIC's Code of Corporate Governance© republished in March 2009 and endorsed by the Financial Reporting Council.
09 Mar 2009
AIC Code of Corporate Governance© for Jersey-domiciled investment companies (PDF 182 KB) Regulation and legal
The AIC has published this special version of the AIC Code of Corporate Governance© for Jersey-domiciled investment companies, which includes a statement of support from the Jersey Financial Services Commission.
09 Mar 2009
Corporate Governance Guide for Investment Companies (PDF 403 KB) Regulation and legal
The AIC's Corporate Governance Guide for Investment Companies, republished in March 2009, brings together the relevant requirements and recommendations from the Combined Code, the AIC Code of Corporate Governance© and the Listing Rules.
29 Jan 2009
The Guernsey solvency test - AIC guidance (PDF 83 KB) Regulation and legal
The AIC has issued guidance for directors of Guernsey investment companies on meeting the requirements of the solvency test when making distributions.
21 Jan 2009
AIC Revised SORP - January 2009 (PDF 268 KB) Accounts and statistics
The Statement of Recommended Practice for the Financial Statements of Investment Trust Companies and Venture Capital Trusts issued by the AIC on 21 January 2009.
06 Nov 2008
The new Guernsey solvency test - a paper from Ozannes (PDF 131 KB) Regulation and legal
Paul Christopher, a partner in the law firm Ozannes, has published a paper on the new solvency test which is required under the Companies (Guernsey) Law 2008.
17 Sep 2008
Guernsey company law - slides from AIC seminar (PDF 220 KB) Regulation and legal
The AIC has published slides from its seminar on Guernsey company law on 16 September 2008.
04 Sep 2008
Money Laundering Regulations 2007 (PDF 43 KB) Regulation and legal
The AIC has produced guidance to help non-executive directors of investment companies to understand and apply the HMRC Guidance on the Money Laundering Regulations 2007.
06 Aug 2008
Corporate Governance Update (PDF 61 KB) Regulation and legal
The AIC has published a short note on the new Combined Code and the new FSA Corporate Governance Rules.
04 Aug 2008
Investment policies: AIC guidance on the requirements of the Listing Rules (PDF 80 KB) Regulation and legal
FSA confirmed industry guidance designed to help directors and other industry participants prepare investment policies as required by the Listing Rules.
01 May 2008
Directors' general duties - practical recommendations (PDF 53 KB) Regulation and legal
Following the AIC's seminar on directors' duties and liabilities, the AIC has produced a summary of practical recommendations to assist boards in complying with the provisions of the Companies Act 2006.
27 Feb 2008
Proxies and corporate representatives (PDF 27 KB) Regulation and legal
The AIC has published a note on the use of proxies and corporate representatives. This note highlights issues relating to the use of multiple corporate representatives.
22 Feb 2008
AIC guidance on the Listing Rules requirement to publish investment policies (PDF 54 KB) Regulation and legal
The AIC has published updated guidance on the disclosure of investment policies.
24 Jan 2008
Directors' duties under the Companies Act 2006: useful links (PDF 46 KB) Regulation and legal
The AIC has produced a paper which contains useful links to a selection of articles and guidance written by other organisations on the subject of directors' general duties under Companies Act 2006.
18 Jan 2008
AIC Members' Guide to the Implementation of the Companies Act 2006 - updated (PDF 73 KB) Regulation and legal
The AIC has updated its guide aimed at assisting Members with understanding the introduction of the Companies Act 2006. The paper highlights key areas of regulation relevant for investment companies and shows the dates that they are effective from. It also identifies specific areas in which the AIC has, or is planning to, provide guidance or support to its Members.
05 Sep 2007
Accounting for Back VAT (PDF 47 KB) Accounts and statistics
Guidance to Members as to when they should recognise Back VAT in their financial statements including the various stages of recognition that might apply and the disclosures that might be made.
05 Sep 2007
Accounting for Back VAT (PDF 47 KB) Tax
Guidance to Members as to when they should recognise Back VAT in their financial statements including the various stages of recognition that might apply and the disclosures that might be made.
22 Aug 2007
Issues raised by public access to shareholder information (PDF 73 KB) Regulation and legal
The AIC publishes a guidance paper setting out a company's obligations to make its shareholder register available upon request under the new Companies Act 2006 and highlighting what an investment company board can do to prevent the improper use of this information.
04 Apr 2007
Interim Management Statements (PDF 78 KB) Regulation and legal
The AIC publishes its final guidance on preparing and publishing Interim Management Statements.
08 Feb 2007
The Model Code and Interim Management Statements ( ) Regulation and legal
The AIC has been in contact with the FSA to confirm that companies do not need to apply the close period rules to the period leading up to the publication of an Interim Management Statement.
08 Dec 2006
"Inadvertent breaches" of the investment tests (PDF 38 KB) Tax
Guidance for VCTs on "inadvertent breaches" of the investment tests.
16 Nov 2006
Proposed amendments to IAS 32 and IAS 1 (PDF 58 KB) Accounts and statistics
The AIC's response to the Exposure Draft of proposed amendments to IAS 32 and IAS 1 produced by the International Accounting Standards Board.
20 Feb 2006
Operating and Financial Review and Business Review ( ) Regulation and legal
A commentary for the preparers of the Operating and Financial Reviews and Business Reviews of Investment Trust Companies (revised Feb 2006 following the abolition of the mandatory requirement for an OFR).
30 Nov 2005
Savings Schemes and Public Offers (PDF 75 KB) Regulation and legal
The AITC has investigated whether Investment Trust Savings Schemes might constitute a public offer under FSMA 2000. This note sets out the AITC's views on this issue following discussions with the FSA.
13 Sep 2005
Distributable profits-implications of IFRS (PDF 66 KB) Regulation and legal
A response to draft guidance from the ICAEW/ICAS on the implications of IFRS for investment trust companies.
12 Sep 2005
Model IFRS Financial Statements for Investment Trust Groups (PDF 320 KB) Accounts and statistics
25 Mar 1997
Annuity Income Shares (PDF 37 KB) Tax
A Guidance Note on the tax treatment of annuity income shares.

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