Regulation 53 Property rich collective investment vehicles

(1)

Schedule 5AAA to TCGA 1992^f1 is amended as follows.

(2)

In the italic heading before paragraph 5 for “a CoACS” substitute “certain co-ownership schemes”.

(3)

In paragraph 5(1) after “co-ownership scheme” insert “, or a Reserved Investor Fund (Contractual Scheme),”.

(4)

In paragraph 12—

(a)

in sub-paragraph (3)(a) after “CoACS” insert “or a RIF”,

(b)

in sub-paragraph (4)(b) after “CoACS”, in both places it occurs, insert “or RIF”, and

(c)

in sub-paragraph (8) after the definition of “CoACS” insert—

““RIF” means a Reserved Investor Fund (Contractual Scheme).”.

(5)

In paragraph 21(5)(a) after “CoACS”, in both places it occurs, insert “or RIF”.

(6)

In paragraph 33(1)—

(a)

after paragraph (a) insert “,

“(aa)

a RIF (within the meaning of paragraph 12) that meets the UK property rich condition in regulation 12 of the Co-ownership Contractual Schemes (Tax) Regulations 2025.”, and

(b)

in the words after paragraph (d), after “transparent fund,” insert “the RIF,”.

Annotations

Footnotes

f1: Schedule 5AAA was added by paragraph 21 of Schedule 1 to the Finance Act 2019 (c. 1); relevant amendments were made by S.I. 2020/315 and 2021/213.