# Taxation of Chargeable Gains Act 1992, Paragraph 27


(1) This paragraph applies if—
(a) an election under paragraph 12 has been made in respect of a qualifying fund or qualifying company (“Q”),
(b) Q ceases at any time (“the relevant time”) to meet the applicable exemption conditions otherwise than as a result of the vehicle or appropriate entity ceasing to be UK property rich (see paragraph 12(2)(c) or (3)(b)),
(c) the election would (but for this paragraph) have, accordingly, ceased to have had effect under paragraph 20 from the relevant time,
(d) the relevant fund manager expects Q to meet the applicable exemption conditions within 30 days, and
(e) Q does meets those conditions within 30 days.
(2) The failure by Q to meet the applicable exemption conditions is to be ignored for the purposes of this Part of this Schedule.
(3) In this paragraph any reference to Q meeting the applicable exemption conditions within 30 days is to Q meeting those conditions before the end of the period of 30 days beginning with the day on which the relevant time falls.
(4) This paragraph does not apply on more than four occasions in any period of 12 months.

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Source: https://www.legislation.gov.uk/ukpga/1992/12/schedule/5AAA/paragraph/27 (the official version)
Page: https://openlegislation.uk/taxation-of-chargeable-gains-act-1992/schedule-5AAA/paragraph-27
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.