# Taxation of Chargeable Gains Act 1992, Paragraph 49

Extent: E+W+S+N.I.

(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 1 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.

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Source: https://www.legislation.gov.uk/ukpga/1992/12/schedule/5AAA/paragraph/49 (the official version)
Page: https://openlegislation.uk/taxation-of-chargeable-gains-act-1992/schedule-5AAA/paragraph-49
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.