{
  "url": "https://openlegislation.uk/co-ownership-contractual-schemes-tax-regulations-2025/regulation-15",
  "json_url": "https://openlegislation.uk/co-ownership-contractual-schemes-tax-regulations-2025/regulation-15.json",
  "legislation": "uksi/2025/200",
  "legislation_title": "The Co-ownership Contractual Schemes (Tax) Regulations 2025",
  "legislation_url": "https://openlegislation.uk/co-ownership-contractual-schemes-tax-regulations-2025",
  "path": "regulation/15",
  "kind": "regulation",
  "number": "15",
  "heading": "Change in restriction conditions met",
  "text": "(1) The operator of a RIF must notify the participants in the RIF and HMRC if there is a change in which of the restriction conditions the RIF relies on meeting within a period of 30 days beginning with the day on which the change occurs.\n(2) Paragraph (3) applies where—\n(a) a co-ownership scheme’s status as a RIF depends on it meeting the UK property rich condition,\n(b) the scheme ceases to meet that condition, and\n(c) on ceasing to meet that condition at that time, the scheme meets the non-UK property assets condition.\n(3) Each participant in the RIF is deemed for the purposes of TCGA 1992 to, immediately before the RIF ceases to meet the UK property rich condition, have—\n(a) sold their units in the RIF, and\n(b) reacquired those units,\nat their market value at that time.\n(4) The operator of a RIF must notify each participant in the RIF of any deemed disposal of the participant’s units in the RIF under paragraph (3) within the period of 30 days beginning with the day on which the RIF ceased to meet the UK property rich condition.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2025/200/regulation/15",
    "retrieved_at": "2026-10-28T21:20:08.412857+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}