# Finance (No. 2) Act 2023, Paragraph 1: Genuine diversity of ownership

Extent: E+W+S+N.I.

(1) Schedule 5AAA to TCGA 1992 is amended as follows.
(2) In paragraph 7 (appropriate connection)—
(a) in sub-paragraph (5)—
(i) in paragraph (a), for “it meets” substitute “the vehicle meets or, if the vehicle is part of multi-vehicle arrangements, the arrangements meet”;
(ii) in paragraph (b), for “it meets” substitute “the vehicle meets, or those multi-vehicle arrangements meet,”;
(iii) omit the words after paragraph (b);
(b) after that sub-paragraph insert—
“(5A) For the purposes of sub-paragraph (5), those Regulations have effect as if references to a fund included—
(a) multi-vehicle arrangements, and
(b) a collective investment vehicle which is not an offshore fund.”;
(c) after sub-paragraph (7) insert—
“(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.”
(3) In paragraph 13 (qualifying conditions)—
(a) in sub-paragraph (3)—
(i) in paragraph (a), for “it meets” substitute “the scheme meets or, if the scheme is part of multi-vehicle arrangements, the arrangements meet”;
(ii) in paragraph (b), for “it meets” substitute “the scheme meets, or those multi-vehicle arrangements meet,”;
(iii) omit the words after paragraph (b);
(b) after that sub-paragraph insert—
“(3A) For the purposes of sub-paragraph (3), those Regulations have effect as if references to a fund included—
(a) multi-vehicle arrangements, and
(b) a collective investment scheme which is not an offshore fund.”
(4) In paragraph 46 (meaning of qualifying investor etc)—
(a) in sub-paragraph (4)—
(i) in paragraph (a), for “it meets” substitute “the vehicle meets or, if the vehicle is part of multi-vehicle arrangements, the arrangements meet”;
(ii) in paragraph (b), for “it meets” substitute “the vehicle meets, or those multi-vehicle arrangements meet,”;
(iii) omit the words after paragraph (b);
(b) after that sub-paragraph insert—
“(4A) For the purposes of sub-paragraph (4), those Regulations have effect as if references to a fund included—
(a) multi-vehicle arrangements, and
(b) a collective investment vehicle which is not an offshore fund.”
(5) In paragraph 46A (application of diversity of ownership condition), after sub-paragraph (3) insert—
“(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.”
(6) In paragraph 47 (other definitions), in sub-paragraph (1) at the appropriate place insert—
““multi-vehicle arrangements” has the meaning given by paragraph 7(8);”.
(7) In paragraph 51 (genuine diversity of ownership condition in case of funds existing before 6 April 2020), after sub-paragraph (2) insert—
“(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.”

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Source: https://www.legislation.gov.uk/ukpga/2023/30/schedule/4/paragraph/1 (the official version)
Page: https://openlegislation.uk/finance-no-2-act-2023/schedule-4/paragraph-1
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.