Legislation – Finance (No. 2) Act 2023
Schedule 4Investment vehicles
Part 1UK property rich collective investment vehicles etc
Genuine diversity of ownership
1
(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)
“(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)
“(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)
“(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)
“(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)
“(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)
““multi-vehicle arrangements” has the meaning given by paragraph 7(8);”.
(7)
“(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.”