# Finance (No. 2) Act 2023, Paragraph 12: Genuine diversity of ownership

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

(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;”.

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Source: https://www.legislation.gov.uk/ukpga/2023/30/schedule/4/paragraph/12 (the official version)
Page: https://openlegislation.uk/finance-no-2-act-2023/schedule-4/paragraph-12
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.