Umbrella companies and umbrella schemes: interpretationU.K.
7.—(1) In these Regulations “umbrella company” has the meaning given by section 468A(4) of ICTA M1, and a reference to a part of an umbrella company is to be construed in accordance with that provision.
(2) For the purposes of these Regulations each of the parts of an umbrella company is regarded as an open-ended investment company and the umbrella company as a whole shall not be so regarded.
(3) In relation to a part of an umbrella company, any reference—
(a)to investments or to scheme property of an open-ended investment company has effect as a reference to such of the investments or to such of the scheme property as under the arrangements form part of the separate pool to which that part of the umbrella company relates, and
(b)a person for the time being having rights in that part is regarded as the owner of shares in the open-ended investment company which that part is regarded as being by virtue of paragraph (2), and not as the owner of shares in the umbrella company itself.
(4) In relation to a part of an umbrella company, any references in these Regulations to the instrument of incorporation or the prospectus in issue for the time being F1... of an open-ended investment company have effect, for the purposes of these Regulations, as references to such parts of the instrument of incorporation or of that prospectus F1... as apply to that part of the umbrella company.
(5) In these Regulations “umbrella scheme” has the meaning given by section 468(8) of ICTA, and a reference to a part of an umbrella scheme is to be construed in accordance with that provision.
(6) For the purposes of these Regulations each of the parts of an umbrella scheme is regarded as an authorised unit trust and the umbrella scheme as a whole is not regarded as an authorised unit trust or as any other form of collective investment scheme.
(7) In relation to a part of an umbrella scheme, any reference—
(a)to investments or to scheme property subject to the trusts of an authorised unit trust has effect as a reference to such of the investments or to such of the scheme property as under the arrangements form part of the separate pool to which that part of the umbrella scheme relates, and
(b)to a unit holder, has effect as a reference to a person for the time being having rights in that separate pool.
(8) In relation to a part of an umbrella scheme, any references in these Regulations to the prospectus in issue for the time being F2... of an authorised unit trust have effect, for the purposes of these Regulations, as references to such parts of that prospectus F2... as apply to that part of the umbrella scheme.
Textual Amendments
F1Words in reg. 7(4) omitted (with effect in accordance with reg. 1(2) of the amending S.I.) by virtue of The Authorised Investment Funds (Tax) (Amendment) Regulations 2010 (S.I. 2010/294), regs. 1(1), 23(1)
F2Words in reg. 7(8) omitted (with effect in accordance with reg. 1(2) of the amending S.I.) by virtue of The Authorised Investment Funds (Tax) (Amendment) Regulations 2010 (S.I. 2010/294), regs. 1(1), 23(1)
Marginal Citations
M1Section 468A was inserted by section 16 of the Finance (No. 2) Act 2005 (c. 22).