{
  "url": "https://openlegislation.uk/finance-no-2-act-2023/schedule-4/paragraph-12",
  "json_url": "https://openlegislation.uk/finance-no-2-act-2023/schedule-4/paragraph-12.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/12",
  "kind": "paragraph",
  "number": "12",
  "heading": "Genuine diversity of ownership",
  "text": "(1) Paragraph 9 is amended as follows.\n(2) In sub-paragraph (2)(a)—\n(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”;\n(b) in sub-paragraph (ii), for “it” substitute “the fund or those multi-vehicle arrangements”.\n(3) In sub-paragraph (3)—\n(a) before paragraph (a) insert—\n“(za) the Offshore Funds (Tax) Regulations 2009 (S.I. 2009/3001) have effect as if references to a fund included—\n(i) multi-vehicle arrangements,\n(ii) a collective investment scheme which is not an offshore fund, and\n(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);”;\n(b) in paragraph (a), in the words before sub-paragraph (i)—\n(i) for “the Offshore Funds (Tax) Regulations 2009 (S.I. 2009/3001)” substitute “those Regulations”;\n(ii) after “a fund” insert “or multi-vehicle arrangements”;\n(iii) after “the fund”, in both places it occurs, insert “or multi-vehicle arrangements”;\n(c) in that paragraph—\n(i) in sub-paragraphs (i) and (ii), after “fund” insert “or multi-vehicle arrangements”;\n(ii) in sub-paragraph (ii), after “fund” insert “or multi-vehicle arrangements”;\n(iii) in sub-paragraph (iii), for “vehicle” substitute “fund or multi-vehicle arrangements”;\n(d) in paragraph (b), after “fund” insert “or multi-vehicle arrangements”.\n(4) In sub-paragraph (4) after “fund”, in each place it occurs, insert “or multi-vehicle arrangements”.\n(5) In sub-paragraph (10), at the end insert—\n““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;”.",
  "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/12",
    "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."
}