Schedules
Schedule 4Investment vehicles
Part 1UK property rich collective investment vehicles etc
1Genuine diversity of ownership
1
Schedule 5AAA to TCGA 1992 is amended as follows.
2
In paragraph 7 (appropriate connection)—
a
in sub-paragraph (5)—
i
in paragraph (a), for “it meets” substitute “the vehicle meets or, if the vehicle is part of multi-vehicle arrangements, the arrangements meet”
;
ii
in paragraph (b), for “it meets” substitute “the vehicle meets, or those multi-vehicle arrangements meet,”
;
iii
omit the words after paragraph (b);
b
after that sub-paragraph insert—
5A
For the purposes of sub-paragraph (5), those Regulations have effect as if references to a fund included—
a
multi-vehicle arrangements, and
b
a collective investment vehicle which is not an offshore fund.
c
after sub-paragraph (7) insert—
8
In this Schedule “multi-vehicle arrangements” means arrangements comprising two or more vehicles under which an investor in one of those vehicles would reasonably regard that investment as an investment in the arrangements as a whole rather than exclusively in any particular vehicle.
3
In paragraph 13 (qualifying conditions)—
a
in sub-paragraph (3)—
i
in paragraph (a), for “it meets” substitute “the scheme meets or, if the scheme is part of multi-vehicle arrangements, the arrangements meet”
;
ii
in paragraph (b), for “it meets” substitute “the scheme meets, or those multi-vehicle arrangements meet,”
;
iii
omit the words after paragraph (b);
b
after that sub-paragraph insert—
3A
For the purposes of sub-paragraph (3), those Regulations have effect as if references to a fund included—
a
multi-vehicle arrangements, and
b
a collective investment scheme which is not an offshore fund.
4
In paragraph 46 (meaning of qualifying investor etc)—
a
in sub-paragraph (4)—
i
in paragraph (a), for “it meets” substitute “the vehicle meets or, if the vehicle is part of multi-vehicle arrangements, the arrangements meet”
;
ii
in paragraph (b), for “it meets” substitute “the vehicle meets, or those multi-vehicle arrangements meet,”
;
iii
omit the words after paragraph (b);
b
after that sub-paragraph insert—
4A
For the purposes of sub-paragraph (4), those Regulations have effect as if references to a fund included—
a
multi-vehicle arrangements, and
b
a collective investment vehicle which is not an offshore fund.
5
In paragraph 46A (application of diversity of ownership condition), after sub-paragraph (3) insert—
4
Where the collective investment vehicle is part of multi-vehicle arrangements, sub-paragraphs (2) and (3) apply as if references to the vehicle included the multi-vehicle arrangements.
6
In paragraph 47 (other definitions), in sub-paragraph (1) at the appropriate place insert—
“multi-vehicle arrangements” has the meaning given by paragraph 7(8);
7
In paragraph 51 (genuine diversity of ownership condition in case of funds existing before 6 April 2020), after sub-paragraph (2) insert—
3
Where the collective investment vehicle is part of multi-vehicle arrangements, sub-paragraph (2) applies as if references to the vehicle included the multi-vehicle arrangements.