# The Value Added Tax (Finance) Order 2020, Article 4: Amendment of Group 5 of Schedule 9 to the Value Added Tax Act 1994


In Note (6)—
(a) in the definition of “closed-ended collective investment undertaking”, in paragraph (a) omit “, wholly or mainly in securities”;
(b) in the appropriate place insert both—
““pension member” means, in relation to a qualifying pension fund, a person to or in respect of whom retirement benefits are to be paid from the fund;”;
““qualifying pension fund” means a pension fund in relation to which all of the following conditions are satisfied—
(a) it is solely funded, whether directly or indirectly, by pension members;
(b) the pension members bear the investment risk;
(c) the fund contains the pooled contributions of more than one pension member;
(d) the risk borne by the pension members is spread over a range of investments; and
(e) the fund is established in the United Kingdom or in a member State;”.

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Source: https://www.legislation.gov.uk/uksi/2020/209/article/4 (the official version)
Page: https://openlegislation.uk/value-added-tax-finance-order-2020/article-4
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.