{
  "url": "https://openlegislation.uk/taxation-of-chargeable-gains-act-1992/schedule-5AAA/paragraph-33",
  "json_url": "https://openlegislation.uk/taxation-of-chargeable-gains-act-1992/schedule-5AAA/paragraph-33.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/33",
  "kind": "paragraph",
  "number": "33",
  "heading": null,
  "text": "(1) This paragraph applies in the case of—\n(a) a collective investment vehicle in respect of which an election under paragraph 8 has been made (a “transparent fund”) ,\n(aa) a RIF (within the meaning of paragraph 12) that meets the UK property rich condition in regulation 12 of the Co-ownership Contractual Schemes (Tax) Regulations 2025,\n(b) a qualifying fund or qualifying company in respect of which an election under paragraph 12 has been made,\n(c) a company which is a company UK REIT or is the principal company of a group UK REIT, or\n(d) an open-ended investment company to which Part 4A of the Authorised Investment Funds (Tax) Regulations 2006 applies and which is UK property rich (a “PAIF”);\nand a reference in the remainder of this paragraph to the fund concerned is to the transparent fund, the RIF, the relevant fund, the company UK REIT or principal company, or the PAIF (as the case may be).\n(2) If—\n(a) a participant in the fund concerned disposes of a unit in the fund concerned, and\n(b) the participant is a company which is wholly (or almost wholly) owned by one or more investors to which this paragraph applies,\nany gain accruing on the disposal is not a chargeable gain.\n(2A) If a company which is wholly (or almost wholly) owned by one or more investors to which this paragraph applies disposes of a right or interest in a company whose assets consist wholly of units in the fund concerned, any gain accruing on the disposal is not a chargeable gain.\n(3) Nothing in paragraph 21 is to result in a deemed disposal of an asset held by—\n(a) an investor to which this paragraph applies who is not an insurance company, or\n(b) a company which is wholly (or almost wholly) owned by one or more investors to which this paragraph applies each of whom is not an insurance company.\n(4) Each of the following is an investor to which this paragraph applies—\n(a) any person who is a qualifying institutional investor within the meaning of Schedule 7AC (substantial shareholding exemption),\n(b) a company carrying on life assurance business where, immediately before the disposal, its right or interest in the participant is an asset which, applying the rules in section 138 of the Finance Act 2012, is wholly matched to a liability of its life assurance business that is not BLAGAB,\n(c) a company carrying on long-term business none of which is BLAGAB where, immediately before the disposal, its right or interest in the participant is an asset held for the purposes of its long-term business, and\n(d) a qualifying fund or qualifying company in respect of which an election under paragraph 12 has effect.\n(5) In this paragraph “BLAGAB” means basic life assurance and general annuity business.",
  "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": "Sch. 5AAA para. 33(1)(2) substituted (with effect in accordance with reg. 1(3) 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), 13(a)"
    },
    {
      "type": "F",
      "label": "F3",
      "text": "Sch. 5AAA para. 33(1)(aa) inserted (19.3.2025) by The Co-ownership Contractual Schemes (Tax) Regulations 2025 (S.I. 2025/200), regs. 1(2), 53(6)(a) (with reg. 63)"
    },
    {
      "type": "F",
      "label": "F4",
      "text": "Words in Sch. 5AAA para. 33(1) inserted (19.3.2025) by The Co-ownership Contractual Schemes (Tax) Regulations 2025 (S.I. 2025/200), regs. 1(2), 53(6)(b) (with reg. 63)"
    },
    {
      "type": "F",
      "label": "F5",
      "text": "Sch. 5AAA para. 33(2A) inserted (with effect in accordance with reg. 1(3) 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), 13(b)"
    },
    {
      "type": "F",
      "label": "F6",
      "text": "Sch. 5AAA para. 33(3) substituted (with effect in accordance with reg. 1(3) 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), 13(c)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/1992/12/schedule/5AAA/paragraph/33",
    "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."
}