{
  "url": "https://openlegislation.uk/finance-no-2-act-2023/schedule-4/paragraph-1",
  "json_url": "https://openlegislation.uk/finance-no-2-act-2023/schedule-4/paragraph-1.json",
  "legislation": "ukpga/2023/30",
  "legislation_title": "Finance (No. 2) Act 2023",
  "legislation_url": "https://openlegislation.uk/finance-no-2-act-2023",
  "path": "schedule/4/paragraph/1",
  "kind": "paragraph",
  "number": "1",
  "heading": "Genuine diversity of ownership",
  "text": "(1) Schedule 5AAA to TCGA 1992 is amended as follows.\n(2) In paragraph 7 (appropriate connection)—\n(a) in sub-paragraph (5)—\n(i) in paragraph (a), for “it meets” substitute “the vehicle meets or, if the vehicle is part of multi-vehicle arrangements, the arrangements meet”;\n(ii) in paragraph (b), for “it meets” substitute “the vehicle meets, or those multi-vehicle arrangements meet,”;\n(iii) omit the words after paragraph (b);\n(b) after that sub-paragraph insert—\n“(5A) For the purposes of sub-paragraph (5), those Regulations have effect as if references to a fund included—\n(a) multi-vehicle arrangements, and\n(b) a collective investment vehicle which is not an offshore fund.”;\n(c) after sub-paragraph (7) insert—\n“(8) In this Schedule “multi-vehicle arrangements” means arrangements comprising two or more vehicles under which an investor in one of those vehicles would reasonably regard that investment as an investment in the arrangements as a whole rather than exclusively in any particular vehicle.”\n(3) In paragraph 13 (qualifying conditions)—\n(a) in sub-paragraph (3)—\n(i) in paragraph (a), for “it meets” substitute “the scheme meets or, if the scheme is part of multi-vehicle arrangements, the arrangements meet”;\n(ii) in paragraph (b), for “it meets” substitute “the scheme meets, or those multi-vehicle arrangements meet,”;\n(iii) omit the words after paragraph (b);\n(b) after that sub-paragraph insert—\n“(3A) For the purposes of sub-paragraph (3), those Regulations have effect as if references to a fund included—\n(a) multi-vehicle arrangements, and\n(b) a collective investment scheme which is not an offshore fund.”\n(4) In paragraph 46 (meaning of qualifying investor etc)—\n(a) in sub-paragraph (4)—\n(i) in paragraph (a), for “it meets” substitute “the vehicle meets or, if the vehicle is part of multi-vehicle arrangements, the arrangements meet”;\n(ii) in paragraph (b), for “it meets” substitute “the vehicle meets, or those multi-vehicle arrangements meet,”;\n(iii) omit the words after paragraph (b);\n(b) after that sub-paragraph insert—\n“(4A) For the purposes of sub-paragraph (4), those Regulations have effect as if references to a fund included—\n(a) multi-vehicle arrangements, and\n(b) a collective investment vehicle which is not an offshore fund.”\n(5) In paragraph 46A (application of diversity of ownership condition), after sub-paragraph (3) insert—\n“(4) Where the collective investment vehicle is part of multi-vehicle arrangements, sub-paragraphs (2) and (3) apply as if references to the vehicle included the multi-vehicle arrangements.”\n(6) In paragraph 47 (other definitions), in sub-paragraph (1) at the appropriate place insert—\n““multi-vehicle arrangements” has the meaning given by paragraph 7(8);”.\n(7) In paragraph 51 (genuine diversity of ownership condition in case of funds existing before 6 April 2020), after sub-paragraph (2) insert—\n“(3) Where the collective investment vehicle is part of multi-vehicle arrangements, sub-paragraph (2) applies as if references to the vehicle included the multi-vehicle arrangements.”",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2023/30/schedule/4/paragraph/1",
    "retrieved_at": "2026-10-29T08:52:11.242356+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."
}