Paragraph 30 F1

(1)

This paragraph applies if—

(a)

an election under paragraph 12 has been made in respect of a qualifying fund or qualifying company,

(b)

but for this paragraph, the election would, as a result of paragraph 20, have ceased to have effect from a particular time (“the relevant time”) for all purposes of this Part of this Schedule, and

(c)

the relevant time occurs at a time when the relevant fund manager is taking steps with a view to the disposal of all of the assets of the relevant fund so that it can be wound up.

(2)

It is to be assumed that, for the purposes of any provision of this Part of this Schedule other than paragraph 22, the qualifying fund or qualifying company continues to meet the applicable exemption conditions until the relevant fund is wound up.

(3)

Accordingly—

(a)

a deemed disposal occurs under paragraph 22 by reference to the failure to meet the applicable exemption conditions, but

(b)

subject to that, the election continues to have effect until the relevant fund is wound up.

Annotations

Textual amendments

F1: 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