Paragraph 12 Genuine diversity of ownership

United Kingdom

(1)

Paragraph 9 is amended as follows.

(2)

In sub-paragraph (2)(a)—

(a)

in sub-paragraph (i), for “it meets” substitute “the fund meets or, if the fund is part of multi-vehicle arrangements, the arrangements meet”;

(b)

in sub-paragraph (ii), for “it” substitute “the fund or those multi-vehicle arrangements”.

(3)

In sub-paragraph (3)—

(a)

before paragraph (a) insert—

“(za)

the Offshore Funds (Tax) Regulations 2009 (S.I. 2009/3001) have effect as if references to a fund included—

(i)

multi-vehicle arrangements,

(ii)

a collective investment scheme which is not an offshore fund, and

(iii)

an AIF that is not a collective investment scheme only by reason of it being a body corporate (and which is not an offshore fund);”;

(b)

in paragraph (a), in the words before sub-paragraph (i)—

(i)

for “the Offshore Funds (Tax) Regulations 2009 (S.I. 2009/3001)” substitute “those Regulations”;

(ii)

after “a fund” insert “or multi-vehicle arrangements”;

(iii)

after “the fund”, in both places it occurs, insert “or multi-vehicle arrangements”;

(c)

in that paragraph—

(i)

in sub-paragraphs (i) and (ii), after “fund” insert “or multi-vehicle arrangements”;

(ii)

in sub-paragraph (ii), after “fund” insert “or multi-vehicle arrangements”;

(iii)

in sub-paragraph (iii), for “vehicle” substitute “fund or multi-vehicle arrangements”;

(d)

in paragraph (b), after “fund” insert “or multi-vehicle arrangements”.

(4)

In sub-paragraph (4) after “fund”, in each place it occurs, insert “or multi-vehicle arrangements”.

(5)

In sub-paragraph (10), at the end insert—

““multi-vehicle arrangements” means arrangements comprising two or more funds under which an investor in one of those funds would reasonably regard that investment as an investment in the arrangements as a whole rather than exclusively in any particular fund;”.