# The Co-ownership Contractual Schemes (Tax) Regulations 2025, Regulation 41: Umbrella schemes: general


(1) This Part applies in relation to umbrella co-ownership schemes and umbrella RIFs with the modifications set out in this Chapter.
(2) In this Chapter—
“sub-scheme” in relation to an umbrella co-ownership scheme or an umbrella RIF, means the arrangements constituting the scheme or RIF so far as they relate to a separate pool of property, and references to participants in relation to a sub-scheme are references to participants in those arrangements;
“umbrella co-ownership scheme” means a co-ownership scheme—
(a) which provides arrangements for the separate pooling of the contributions of the participants and the profits and income out of which payments are to be made to them, and
(b) under which the participants are entitled to exchange rights in one pool for rights in another;
“umbrella RIF” means an umbrella co-ownership scheme which is a RIF.

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Source: https://www.legislation.gov.uk/uksi/2025/200/regulation/41 (the official version)
Page: https://openlegislation.uk/co-ownership-contractual-schemes-tax-regulations-2025/regulation-41
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.