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Regulation 51 Participants chargeable to corporation tax: holdings in qualified investor schemes and long-term asset funds where scheme does not meet the genuine diversity of ownership conditionF1F4

United Kingdom

(1)

This regulation applies if—

(a)

a participant has a holding in a qualified investor scheme F2or a long-term asset fund, and

(b)

the scheme has not met the genuine diversity of ownership condition in regulation F39A in relation to an accounting period.

(2)

Section 212 of TCGA 1992 (annual deemed disposal of holdings of unit trusts etc.) does not apply to the participant in relation to that accounting period.

(3)

Paragraph 4 of Schedule 10 to FA 1996 (company holdings in unit trusts and offshore funds) shall not apply to the participant in relation to that accounting period.

Annotations

Textual amendments

F1

Reg. 51 substituted (1.1.2009) by The Authorised Investment Funds (Tax) (Amendment No. 3) Regulations 2008 (S.I. 2008/3159), regs. 1(1), 15

F2

Words in reg. 51(1)(a) inserted (9.12.2021) by The Authorised Investment Funds (Tax) (Amendment) Regulations 2021 (S.I. 2021/1270), regs. 1, 3(4)

F3

Word in reg. 51(1)(b) substituted (1.9.2009) by The Authorised Investment Funds (Tax) (Amendment) Regulations 2009 (S.I. 2009/2036), regs. 1, 13

F4

Words in reg. 51 heading inserted (9.12.2021) by The Authorised Investment Funds (Tax) (Amendment) Regulations 2021 (S.I. 2021/1270), regs. 1, 3(3)