Regulation 5 Amendment of regulation 12

In regulation 12 (qualifying investments for an account)^f1—

(a)

in paragraph (2)—

(i)

in sub-paragraph (a), before the word “shares” (where it first appears) insert “subject to paragraphs (2B) and (2C),”;

(ii)

in sub-paragraph (f), before the word “shares” insert “subject to paragraphs (2B) and (2C),”.

(iii)

after sub-paragraph (q) insert—

“(qa)

subject to paragraphs (2B) and (2C), shares of a UK UCITS, a recognised UCITS or non-UCITS retail scheme that are listed on or admitted to trading on a recognised stock exchange;”;

(b)

after paragraph (2)(r) insert—

“(s)

an interest in a fraction of a share where the named child holds the beneficial interest in a fraction that is less than one whole share under terms which are contained in a contractual arrangement between the named child and the manager (“fractional interest”).”;

(c)

After paragraph (2A)^f2 insert—

“(2B)

An interest in a fraction of a qualifying investment falling within any of sub-paragraphs (a) to (j) of paragraph (2) is not a qualifying interest for an account unless it is a fractional interest within the meaning of sub-paragraph (s) of that paragraph.

(2C)

In sub-paragraph (s) of paragraph (2), “shares” means shares which are qualifying investments in accordance with sub-paragraphs (a), (f) or (qa) of that paragraph.”.

Annotations

Footnotes

f1: Paragraph (2) of regulation 12 was amended by S.I. 2005/3349, 2010/582, 2013/1744, 2014/649, 2014/1453, 2019/713 and 2023/269.
f2: Paragraph (2A) was added by S.I. 2020/29.