{
  "url": "https://openlegislation.uk/finance-act-2003/schedule-7A/paragraph-21",
  "json_url": "https://openlegislation.uk/finance-act-2003/schedule-7A/paragraph-21.json",
  "legislation": "ukpga/2003/14",
  "legislation_title": "Finance Act 2003",
  "legislation_url": "https://openlegislation.uk/finance-act-2003",
  "path": "schedule/7A/paragraph/21",
  "kind": "paragraph",
  "number": "21",
  "heading": null,
  "text": "In this Schedule—\nthe “AIF (Tax) Regulations” means the Authorised Investment Funds (Tax) Regulations 2006 (S.I. 2006/964);\n“arrangements” includes any scheme, agreement or understanding, whether or not legally enforceable;\n“attributable” means attributable on a just and reasonable basis;\n“authorised corporate director”, in relation to a property AIF, has the same meaning as in regulation 8 of the AIF (Tax) Regulations;\n“co-ownership scheme seeding relief” means relief under paragraph 10;\n“control period” means the period of 3 years beginning with the day following the last day of the seeding period;\n“co-ownership authorised contractual scheme” is to be construed in accordance with section 102A (see in particular subsections (2), (2A), (5), (7) and (8) of that section);\n“CTA 2010” means the Corporation Tax Act 2010;\n“FSMA 2000” means the Financial Services and Markets Act 2000;\nthe “genuine diversity of ownership condition”, in relation to a co-ownership authorised contractual scheme, has the meaning given by paragraph 15;\n“ITTOIA 2005” means the Income Tax (Trading and Other Income) Act 2005;\n“non-qualifying individual” has the meaning given by paragraph 9 (in relation to a property AIF) and paragraph 19 (in relation to a co-ownership ... contractual scheme);\n“offshore fund” has the meaning given by section 355 of the Taxation (International and Other Provisions) Act 2010;\n“open-ended investment company” has the meaning given by section 236 of FSMA 2000;\n“operator”, in relation to a co-ownership ... contractual scheme, has the same meaning as in section 102A;\n“PAIF seeding relief” means relief under paragraph 1;\n“participant” is to be read in accordance with section 235 of FSMA 2000;\n“portfolio test” has the meaning given by paragraph 6(7) (in relation to a property AIF) and paragraph 16(7) (in relation to a co-ownership ... contractual scheme);\n“property AIF” is to be construed in accordance with paragraph 2 (see in particular sub-paragraphs (2), (3) and (5) of that paragraph);\n“relevant disposal” has the meaning given by paragraph 7(3) (in relation to a property AIF) and paragraph 17(3) (in relation to a co-ownership ... contractual scheme);\n“seeding period” has the meaning given by paragraph 3 (in relation to a property AIF) and paragraph 11 (in relation to a co-ownership ... contractual scheme);\n“unit trust scheme” has the meaning given by section 237(1) of FSMA 2000.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Sch. 7A inserted (with effect in accordance with Sch. 16 para. 15 of the amending Act) by Finance Act 2016 (c. 24), Sch. 16 para. 4"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "Words in Sch. 7A para. 21 substituted (19.3.2025) by The Co-ownership Contractual Schemes (Tax) Regulations 2025 (S.I. 2025/200), regs. 1(2), 59(18)(a) (with reg. 63)"
    },
    {
      "type": "F",
      "label": "F3",
      "text": "Word in Sch. 7A para. 21 inserted (19.3.2025) by The Co-ownership Contractual Schemes (Tax) Regulations 2025 (S.I. 2025/200), regs. 1(2), 59(18)(b) (with reg. 63)"
    },
    {
      "type": "F",
      "label": "F4",
      "text": "Word in Sch. 7A para. 21 omitted (19.3.2025) by virtue of The Co-ownership Contractual Schemes (Tax) Regulations 2025 (S.I. 2025/200), regs. 1(2), 59(18)(c) (with reg. 63)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2003/14/schedule/7A/paragraph/21",
    "retrieved_at": "2026-10-29T09:18:27.996599+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}