Paragraph 49 F1

United Kingdom

(1)

This paragraph applies in the case of an offshore collective investment vehicle to which paragraph 8 applies which was constituted before 6 April 2019.

(2)

Paragraph 9(1)(c) has effect as if it permitted the election under paragraph 8 to be made before F21 October 2020.

(3)

The election is to have effect in relation to disposals made on or after 6 April 2019 (so that paragraph 8(2) has effect subject to this sub-paragraph).

(4)

If a person is a participant in the vehicle on 6 April 2019—

(a)

the making of an election under paragraph 8 is not to be regarded as being a disposal of the person's units in the vehicle, and

(b)

any question arising for the purposes of this Act, in relation to a disposal on or after 6 April 2019 of the person's units in the vehicle, is to be determined as if the election under paragraph 8 had had effect in relation to all times on or after the vehicle's constitution.

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
F2: Words in Sch. 5AAA para. 49(2) substituted (10.4.2020) 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), 18