Textual Amendments
F1Sch. 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
4(1)This paragraph applies to an offshore collective investment vehicle—U.K.
(a)which is not a company, and
(b)which is not constituted by two or more persons carrying on a trade or business in partnership.
(2)It is to be assumed that, for relevant purposes—
(a)the vehicle is a company, and
(b)the rights of the participants are shares in that company.
(3)The reference here to “relevant purposes” means—
(a)the purposes of this Schedule, and
(b)the purpose of applying section 1A(3)(b) or (c) or 2B(4) (and the other provisions of this or any other Act so far as relevant to their application) in relation to the vehicle.
(4)This paragraph does not apply to a collective investment vehicle in relation to which an election has effect under Part 3 of this Schedule (election for transparency).
(5)This paragraph applies in relation to a collective investment vehicle to which section 103D applies (tax transparent funds) but does not affect the operation of the rules set out in—
(a)section 103D(4) to (9) (calculation of gains on disposal of units etc), or
(b)section 103DA (share pooling etc).
(6)If this paragraph applies in relation to a collective investment vehicle, section 99 (application of Act to unit trust schemes) does not apply in relation to the scheme.]
Modifications etc. (not altering text)
C1Sch. 5AAA para. 4(2) modified by 2010 c. 4, s. 269ZZB(9) (as inserted (with effect in accordance with Sch. 4 para. 42 of the amending Act) by Finance Act 2020 (c. 14), Sch. 4 para. 11 (with Sch. 4 paras. 43-46))