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The Co-ownership Contractual Schemes (Tax) Regulations 2025

S.I. 2025/200 · Made 24 February 2025

Original text. legislation.gov.uk does not revise statutory instruments, so later amendments are not shown here. Changes made to it are listed under each provision when known.

CORPORATION TAX

STAMP DUTY LAND TAX

STAMP DUTY

STAMP DUTY RESERVE TAX

INCOME TAX

CAPITAL GAINS TAX

Made 24th February 2025

Laid before the House of Commons 25th February 2025

Coming into force 19th March 2025

The Treasury make these Regulations in exercise of the powers conferred by section 103C of, and paragraph 48 of Schedule 5AAA to, the Taxation of Chargeable Gains Act 1992f1, section 41 of the Finance (No. 2) Act 2017f2 and section 20 of the Finance (No. 2) Act 2024f3.

Annotations to the whole text

Footnotes

f1

1992 c. 12. Section 103C was added by section 36(3) of the Finance Act 2012 (c. 14). Schedule 5AAA was added by paragraph 21 of Schedule 1 to the Finance Act 2019 (c. 1). Section 1C defines what is meant by “UK land” and an “interest in UK land”. Section 288 defines what is meant by “the tribunal”.

f2

2017 c. 32. Section 71 defines what is meant by “CAA 2001” and “ITTOIA 2005”.

f3

2024 c. 12. Section 20 defines what is meant by a “Reserved Investor Fund (Contractual Scheme)” (or “RIF”), “HMRC”, “authorised co-ownership scheme” and “co-ownership scheme”. Section 25 defines what is meant by “CTA 2009”, “CTA 2010” and “TCGA 1992” and provides that “FA” followed by a year is a reference to the Finance Act for that year.

Contents

  1. Part 1: Preliminary matters
  2. 1Citation and commencement
  3. Part 2: Reserved Investor Fund (Contractual Schemes): general
  4. Chapter 1: Interpretation
  5. 2Interpretation: Part 2
  6. Chapter 2: Becoming a RIF
  7. 3Timing: becoming a RIF
  8. 4Entry notices: general
  9. Chapter 3: Qualifying conditions
  10. 5Qualifying conditions
  11. 6A UK-based scheme
  12. 7Genuine diversity of ownership condition
  13. 8Non-close condition
  14. 9Ownership requirement treated as met for initial period
  15. 10Restriction requirement
  16. 11Non-UK property assets condition
  17. 12UK property rich condition
  18. 13UK property rich condition treated as met for initial period
  19. 14Exempt investor condition
  20. Chapter 4: Changes in qualifying conditions and breaches of qualifying conditions
  21. 15Change in restriction conditions met
  22. 16Breach of ownership requirement: opportunity to rectify etc
  23. 17Multiple breaches of ownership requirement within 12 month period
  24. 18Breach of restriction requirement: opportunity to rectify etc
  25. 19Winding up of a RIF that is UK property rich
  26. Chapter 5: Ceasing to be a RIF
  27. 20Causes and timing
  28. 21Breach of qualifying conditions: requirement to notify HMRC
  29. 22Exit notices
  30. 23Relevant declarations in entry notice
  31. 24Cessation notice
  32. 25Ceasing to be a RIF: deemed disposal of units
  33. 26Gains accruing on deemed disposals
  34. Chapter 6: SDLT consequences of becoming and ceasing to be a RIF
  35. 27Interpretation of this Chapter
  36. 28Land transaction upon unauthorised contractual scheme becoming a RIF
  37. 29Application of Part 4 of FA 2003 to a RIF that ceases to be a RIF and becomes an eligible co-ownership scheme
  38. 30Land transaction upon RIF or eligible co-ownership scheme becoming unauthorised contractual scheme
  39. 31Withdrawal of seeding relief: application to postpone payment of tax where appeal against relevant decisions
  40. 32Determination of application under regulation 31 and referral to tribunal
  41. Chapter 7: Accounts
  42. 33Beginning and end of accounting period
  43. 34Preparation of accounts
  44. Chapter 8: Information requirements
  45. 35Information to be provided to participants
  46. 36Information to be provided to other RIF or authorised co-ownership scheme
  47. 37Information to be provided to HMRC
  48. 38Further information to be provided to HMRC
  49. Chapter 9: Further provision about notices, information and applications
  50. 39Further provision about notices, information and applications
  51. Chapter 10: Penalties for failure to give information or notice
  52. 40Penalties for failure to give information or notice
  53. Chapter 11: Umbrella schemes: modification of this Part
  54. 41Umbrella schemes: general
  55. 42Umbrella schemes: restriction requirement
  56. 43Umbrella schemes: becoming a Reserved Investor Fund (Contractual Scheme)
  57. 44Umbrella schemes: ceasing to be a Reserved Investor Fund (Contractual Scheme)
  58. 45Umbrella schemes: additional notification requirements
  59. Chapter 12: Investment in offshore funds
  60. 46Interpretation: Chapter 12
  61. 47Investments in reporting offshore funds
  62. 48Investments in non-reporting offshore funds: first case
  63. 49Investments in non-reporting offshore funds: second case
  64. Part 3: Co-ownership contractual schemes: amendments to relevant legislation
  65. Chapter 1: Finance Act 1986 and Finance Act 1999
  66. 50Stamp duty reserve tax: exceptions
  67. 51Stamp duty: exemptions
  68. Chapter 2: Taxation of Chargeable Gains Act 1992
  69. 52Collective investment schemes
  70. 53Property rich collective investment vehicles
  71. 54Exemptions for disposals by companies with substantial shareholding
  72. Chapter 3: Capital Allowances Act 2001
  73. 55Plant and machinery allowances
  74. 56Structures and building allowances
  75. Chapter 4: Finance Act 2003
  76. 57Stamp duty land tax: contractual schemes
  77. 58Stamp duty land tax: seeding relief
  78. 59Seeding relief: amendments to Schedule 7A
  79. Chapter 5: Income Tax (Trading and Other Income) Act 2005
  80. 60Personal portfolio bonds: the property categories
  81. Chapter 6: Corporation Tax Act 2010
  82. 61Real Estate Investment Trusts
  83. Chapter 7: The Co-ownership Authorised Contractual Schemes (Tax) Regulations 2017
  84. 62Amendment of The Co-ownership Authorised Contractual Schemes (Tax) Regulations 2017
  85. Part 4: Transitional provision
  86. 63Application to authorised co-ownership schemes
  87. Signature
  88. Explanatory note