# The Co-ownership Contractual Schemes (Tax) Regulations 2025, Regulation 44: Umbrella schemes: ceasing to be a Reserved Investor Fund (Contractual Scheme)


(1) Regulation 19 does not apply in relation to an umbrella RIF.
(2) But regulation 19 applies to a sub-scheme of an umbrella RIF where the sub-scheme ceases to meet the UK property rich condition, as if any reference in that regulation to RIF was a reference to sub-scheme of an umbrella RIF.
(3) Where regulation 19 applies to a sub-scheme of an umbrella RIF, regulation 26 applies as if the first reference to RIF in paragraph (1) and the reference to RIF in paragraph 7(a)(i) were a reference to sub-scheme of an umbrella RIF.

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Source: https://www.legislation.gov.uk/uksi/2025/200/regulation/44 (the official version)
Page: https://openlegislation.uk/co-ownership-contractual-schemes-tax-regulations-2025/regulation-44
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.