SCHEDULES

SCHEDULE 16Property authorised investment funds and co-ownership authorised contractual schemes

PART 3Consequential amendments

9

1

Section 87 (interest on unpaid tax) is amended as follows.

2

In subsection (3)—

a

in paragraph (a)—

i

omit “or” at the end of sub-paragraph (ii), and

ii

after sub-paragraph (ii) insert—

iia

paragraph 5, 7 or 8 of Schedule 7A (PAIF seeding relief),

iib

paragraph 13, 17 or 18 of Schedule 7A (COACS seeding relief), or

b

after paragraph (aza) insert—

azb

in the case of an amount payable under paragraph 6(3) of Schedule 7A (PAIF seeding relief: portfolio test), the first time mentioned in paragraph 6(3)(a) or (b) at which the portfolio test was not met;

azc

in the case of an amount payable under paragraph 14(1) of Schedule 7A (COACS seeding relief: genuine diversity of ownership condition) because the genuine diversity of ownership condition was not met at a time mentioned in paragraph 14(1)(b) or (c), the first time mentioned in paragraph 14(1)(b) or (c) at which that condition was not met;

azd

in the case of an amount payable under paragraph 16(3) of Schedule 7A (COACS seeding relief: portfolio test), the first time mentioned in paragraph 16(3)(a) or (b) at which the portfolio test was not met;

3

In subsection (4), for “means—” to the end substitute “ has the same meaning as in section 81(4). ”