Regulation 60 The general rule
(1)
The general rule is that on the first date on which a participant who is within the charge to tax under this Chapter owns a substantial QIS holding in a qualified investor scheme, the participant must value his own holding in that scheme as at that date.
(2)
The general rule is modified if any of the following regulations apply—
(a)
regulation 61 (cases affected by the coming into force of these Regulations);
(b)
regulation 62 (cases involving the launch of qualified investor schemes);
(c)
regulation 63 (cases where a participant’s holding becomes substantial).