Fund equity gain, fund treaty gain, fund partial-exemption gain

(1) The special investment fund must, on each valuation of its assets, determine per special investment unit the fund equity gain, the fund treaty gain and the fund partial-exemption gain, as absolute values in euro, and publish these values to the investor. The fund equity gain, the fund treaty gain and the fund partial-exemption gain do not change through the issue and redemption of special investment units.
(2) The tax exemption under section 42(1) to (3) applies only where the special investment fund determines and publishes the fund equity gain, or the investor demonstrates the fund equity gain. The tax exemption under section 43(1) applies only where the special investment fund determines and publishes the fund treaty gain, or the investor demonstrates the fund treaty gain. The partial exemption under section 43(3) applies only where the special investment fund determines and publishes the fund partial-exemption gains, or the investor demonstrates the fund partial-exemption gains.
(3) The fund equity gain is the part of the value of a special investment unit attributable to the following income, not distributed and not deemed distributed, and to the following changes in value: 1. profits from the disposal of units in corporations, associations of persons and funds of assets whose distributions form part of the recipient's income under section 20(1) no. 1 of the Income Tax Act, 2. changes in value of units in corporations, associations of persons and funds of assets whose distributions form part of the recipient's income within the meaning of section 20(1) no. 1 of the Income Tax Act, 3. investor equity gains of a special fund-of-funds from the disposal of a special investment unit in a target special investment fund, and 4. investor equity gains of a special fund-of-funds from the holding of a special investment unit in a target special investment fund, determined on the valuation of the special fund-of-funds. The first sentence applies only to components not already covered by subsection (5).
(4) Profits from the disposal, and changes in value, of units in corporations, associations of persons and funds of assets are not to be included in the fund equity gain where the corporation, association of persons or fund of assets 1. is not subject to income taxation, 2. is personally exempt from income taxation, or 3. is exempt from income taxation to the extent that it makes a distribution. Losses from financial derivatives reduce the fund equity gain where the special investment fund has, as part of a structured arrangement, brought about losses from financial derivatives and, in the same or a similar amount, changes in value under subsection (3) no. 2.
(5) The fund treaty gain is the part of the value of a special investment unit attributable to the following income, not distributed and not deemed distributed, and to the following changes in value: 1. income to be exempted from taxation under a double taxation agreement under section 43(1), 2. changes in value of assets to which section 43(1) would apply on a disposal, 3. investor treaty gains of a special fund-of-funds from the disposal of a special investment unit in a target special investment fund, and 4. investor treaty gains of a special fund-of-funds from the holding of a special investment unit in a target special investment fund, determined on the valuation of the special fund-of-funds.
(6) The fund partial-exemption gain is to be determined separately for each of the types of investor named in section 20(1). The fund partial-exemption gain is the part of the value of a special investment unit attributable to the following income, not distributed and not deemed distributed, and to the following changes in value: 1. income from an investment unit, insofar as this is to be exempted from taxation under section 20, 2. changes in value of investment units, insofar as section 20 would apply to these on a disposal, 3. investor partial-exemption gains of a special fund-of-funds from the disposal of a special investment unit in a target special investment fund, and 4. investor partial-exemption gains of a special fund-of-funds from the holding of a special investment unit in a target special investment fund, determined on the valuation of the special fund-of-funds.