[F1PART 4AU.K.PROPERTY AIFS

CHAPTER 1U.K.PRELIMINARY PROVISIONS

Key conceptsU.K.

69C.(1) In this Part “entry” means the time when this Part begins to apply to an open-ended investment company.

(2) In this Part “cessation” means the time when this Part ceases to apply to an open-ended investment company.

(3) In this Part, in relation to an open-ended investment company—

(a)“F (pre-entry)” means the open-ended investment company before this Part begins to apply to it,

(b)“F (tax-exempt)” means the open-ended investment company in so far as it carries on property investment business (within the meaning of regulation 69F) while this Part applies to it,

(c)“F (residual)” means the open-ended investment company in so far as it carries on business other than property investment business while this Part applies to it, and

(d)“F (post-cessation)” means the open-ended investment company after this Part has ceased to apply to it.

[F2(4) In this Part, a “dedicated feeder fund” in relation to a property AIF means a fund which—

(a)is a unit trust scheme;

(b)is dedicated to investment in the property AIF for which it is a feeder fund (in accordance with its prospectus); and

(c)holds at least 85% of its assets in the form of shares in that property AIF.]]

Textual Amendments

F2Reg. 69C(4) inserted (with effect in accordance with reg. 1(2) of the amending S.I.) by The Authorised Investment Funds (Tax) (Amendment) Regulations 2012 (S.I. 2012/1783), regs. 1(1), 3