Paragraph 40 Transfer pricing: participation condition always met for investors in a QAHC etc

United Kingdom

(1)

For the purposes of section 147(1) of TIOPA 2010 (basic pre-condition), where the affected persons are—

(a)

a QAHC, and

(b)

a person with a sufficient connection to the QAHC,

the participation condition in section 148 of that Act is treated as met.

(2)

An affected person (“A”) has a sufficient connection to the QAHC if—

(a)

A has a relevant interest in the QAHC or in an enhanced class of the QAHC, or

(b)

any of the persons with such an interest has a relationship with A such that the participation condition in that section would have been met had the affected persons been A and that person (instead of A and the QAHC).

(3)

In this paragraph, and in paragraph 41, “affected person” is to be construed in accordance with Part 4 of that Act.