{
  "url": "https://openlegislation.uk/taxation-of-chargeable-gains-act-1992/schedule-5AAA/paragraph-22",
  "json_url": "https://openlegislation.uk/taxation-of-chargeable-gains-act-1992/schedule-5AAA/paragraph-22.json",
  "legislation": "ukpga/1992/12",
  "legislation_title": "Taxation of Chargeable Gains Act 1992",
  "legislation_url": "https://openlegislation.uk/taxation-of-chargeable-gains-act-1992",
  "path": "schedule/5AAA/paragraph/22",
  "kind": "paragraph",
  "number": "22",
  "heading": null,
  "text": "(1) This paragraph applies if at any time an election which has been made under paragraph 12 in respect of a qualifying fund or qualifying company ceases to have effect.\n(2) In the case of an election made in respect of a qualifying fund, each participant in the relevant fund is deemed for the purposes of this Act—\n(a) to have sold its units in the relevant fund immediately before that time, and\n(b) to have immediately reacquired those rights and interests,\nat their market value immediately before that time.\n(3) In the case of an election made in respect of a qualifying company, each participant in the relevant fund is deemed for the purposes of this Act—\n(a) to have sold its rights and interests in the relevant entity immediately before that time, and\n(b) to have immediately reacquired those rights and interests,\nat their market value immediately before that time.\n(4) In this paragraph “the relevant entity” has the same meaning as in paragraph 21.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Sch. 5AAA inserted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 21"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "Words in Sch. 5AAA para. 22(3)(a) substituted (with effect in accordance with reg. 1(2) of the amending S.I.) by The UK Property Rich Collective Investment Vehicles (Amendment of the Taxation of Chargeable Gains Act 1992) Regulations 2020 (S.I. 2020/315), regs. 1(1), 12(a)"
    },
    {
      "type": "F",
      "label": "F3",
      "text": "Sch. 5AAA para. 22(4) inserted (with effect in accordance with reg. 1(2) of the amending S.I.) by The UK Property Rich Collective Investment Vehicles (Amendment of the Taxation of Chargeable Gains Act 1992) Regulations 2020 (S.I. 2020/315), regs. 1(1), 12(b)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/1992/12/schedule/5AAA/paragraph/22",
    "retrieved_at": "2026-11-14T03:34:05.925206+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."
}