Schedules

Schedule 4Investment vehicles

Part 3Qualifying asset holding companies

9Beneficial entitlement held only through QAHCs

1

In paragraph 4 (only direct and certain indirect interests to constitute “relevant interests”), after sub-paragraph (2) insert—

2A

For the purposes of sub-paragraph (1)(b)(i), a beneficial entitlement of T or C held solely through one or more QAHCs is to be treated as held by that person directly.

2

The amendment made by this paragraph is treated as having come into force on 20 July 2022.

3

But the amendment is not to have effect in relation to a QAHC that became a QAHC before that date if the effect of the amendment would, by itself, cause the QAHC to cease to meet the ownership condition on that date, ignoring—

a

any provision of Schedule 2 to FA 2022 that would, in some circumstances, treat the ownership condition as met or a breach of the condition as having not occurred, and

b

any prior breach of that condition.