# The Co-ownership Contractual Schemes (Tax) Regulations 2025, Regulation 29: Application of Part 4 of FA 2003 to a RIF that ceases to be a RIF and becomes an eligible co-ownership scheme


(1) An “eligible co-ownership scheme” means a co-ownership scheme which—
(a) has ceased to be a RIF as a result of ceasing to meet a qualifying condition, but
(b) continues to—
(i) be UK-based (see regulation 6),
(ii) be an AIF, as defined by regulation 3 of the Alternative Investment Fund Managers Regulations 2013,
(iii) meet the conditions set out in section 261E(2) and (3) of FISMA 2000, and
(iv) not be an authorised co-ownership scheme.
(2) Part 4 of FA 2003 applies in relation to an eligible co-ownership scheme as if—
(a) the scheme were a company, and
(b) the rights of the participants were shares in the company.
(3) For the purposes of Part 5 of Schedule 9A to FA 2003, an eligible co-ownership scheme is not “non-resident” in relation to any chargeable transaction.
(4) Paragraphs (2) and (3) apply in relation to an eligible co-ownership scheme from the time that the scheme ceases to be a RIF until the earliest of the scheme—
(a) becoming a RIF,
(b) being wound up, or
(c) ceasing to meet one or more of the conditions in paragraph (1)(b).
(5) If an eligible co-ownership scheme is an eligible umbrella scheme then Part 4 of FA 2003 applies in relation to the scheme as it applies in relation to an umbrella scheme which is a co-ownership contractual scheme within the meaning of section 102A(2A) of FA 2003.
(6) An eligible co-ownership scheme is an eligible umbrella scheme if it meets the conditions set out in paragraphs (a) and (b) of subsection (3) of section 102A of FA 2003.

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Source: https://www.legislation.gov.uk/uksi/2025/200/regulation/29 (the official version)
Page: https://openlegislation.uk/co-ownership-contractual-schemes-tax-regulations-2025/regulation-29
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.