The Abacus Authorised Investment Fund (AIF) software is a powerful tax compliance tool enabling you to prepare the tax computation for a Fund in both an efficient and effective manner thereby facilitating the management of the overall tax compliance process.

The AIF software can be fully utilised as a tool to produce both the tax computation (with supporting schedules at the option of the user) and the Inland Revenue CT600 return form for both Unit Trust and Open Ended Investment Company (OEIC) types of computation.

In addition the software can be used to calculate the distributable income for the interim distribution period as well as the full accounts period whilst simultaneously providing full tax accounts for both periods.

For OEIC types of computation the software provides a choice when it comes to preparing the Share Class calculations for the tax charge and distributable income allocations. The choice you make will depend on your adopted methodology for preparing such calculations but the software provides either the ability to use various apportioning methods or, alternatively, the ability to prepare, in effect, mini-computations for each share class.

The software provides fully comprehensive areas of functionality spanning the corporate tax compliance environment. Some of the main features of interest include corporate recipients' unfranked proportion calculations, payment on account estimates and monitoring, shadow ACT calculations and onshore pooling calculations.

Summary of AIF features

• Produces the tax computation and CT600 automatically
• Calculates the tax charge for the accounts utilising comprehensive deferred tax schedules
• Tracking of prior year adjustments to the tax charge and adjustments made after finalising the tax account balances
• Interim distribution periods support full tax charge, distributable income and equalisation calculations
• Full support of share class calculations for OEIC computations
• Corporate recipients' calculations
• Automatically deals with foreign tax, including recoverable amounts, and calculates double tax relief