Finance Act 2022

Interpretation

58 (1) In this Schedule—

• “AIF” has the meaning given by regulation 3 of the Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773);

• “category A investor” is to be construed in accordance with paragraph 8;

• “collective investment scheme” has the meaning given by section 235 of FISMA 2000;

• “company tax return” has the meaning it has in Schedule 18 to FA 1998;

• “cure period” is to be construed in accordance with paragraph 27(3) to (5);

• “enhanced class” is to be construed in accordance with paragraph 3(3);

• “entry notification” is to be construed in accordance with paragraph 14;

• “equity holder” has the meaning it has in Part 5 of CTA 2010 (see section 158 of that Act);

• “equity securities” has the meaning given by section 560 of the Companies Act 2006;

• “exit notification” is to be construed in accordance with paragraph 25;

• “fund” and “qualifying fund” are to be construed in accordance with paragraph 9;

• “HMRC” means Her Majesty’s Revenue and Customs;

• “land” includes—

  (a)

  buildings and structures;

  (b)

  any estate, interest or right in or over land;

  (c)

  land under the sea or otherwise covered by water;

• “market value” has the meaning it has in TCGA 1992 (see sections 272 and 273 of that Act);

• “own shares” is to be construed in accordance with paragraph 47(5);

• “overseas land” means land outside the United Kingdom;

• “QAHC ring fence business” has the meaning given by paragraph 20(1);

• “qualifying shares” is to be construed in accordance with paragraph 53;

• “participant”, in relation to a qualifying fund, means a person who takes part in the arrangements constituting the fund, whether by becoming the owner of, or of any part of, the property that is the subject of the arrangements or otherwise;

• “relevant distribution” has the meaning given by paragraph 44(3);

• “relevant interest” is to be construed in accordance with paragraph 3;

• “substantial shareholding” is to be construed in accordance with Schedule 7AC to TCGA 1992 (see, in particular, paragraphs 8 and 8A of that Schedule);

• “UK REIT” means—

  (a)

  a company UK REIT within the meaning of Part 12 of CTA 2010 (see section 524 of that Act), or

  (b)

  a company that is a member of a group UK REIT within the meaning of that Part (see sections 523 and 606 of that Act);

• “underlying subject matter”, in relation to a derivative contract, is to be construed in accordance with section 583 of CTA 2009 (meaning of “underlying subject matter”);

• “wind-down period” is to be construed in accordance with paragraph 28.

(2) References in this Schedule to “investment management services” are to be construed in accordance with the definition of that term in section 809EZE of ITA 2007 as if—

(a) references in that definition to an investment scheme included a QAHC, and

(b) references to participants were, in relation to a QAHC, to persons with a relevant interest in the QAHC.