Finance Act 2003 (c. 14)

SCHEDULES

[F1 SCHEDULE 7A U.K. Paif seeding relief and coacs seeding relief

Textual Amendments

F1 Sch. 7A inserted (with effect in accordance with Sch. 16 para. 15 of the amending Act) by Finance Act 2016 (c. 24), Sch. 16 para. 4

PART 3 U.K. Interpretation

“Feeder fund” and “units” U.K.

20 U.K. In this Schedule—

• a “feeder fund” of a property AIF means a unit trust scheme—

  (a)

  one of the main objects of which is investment in the property AIF, and

  (b)

  which is managed by the same person as the property AIF;

• a “feeder fund” of a co-ownership authorised contractual scheme means an open-ended investment company, an offshore fund or a unit trust scheme—

  (a)

  one of the main objects of which is investment in the co-ownership authorised contractual scheme, and

  (b)

  which is managed by the same person as the scheme;

• “units in the property AIF” means—

  (a)

  units in the property AIF (and, where the property AIF is a part of an umbrella company as mentioned in regulation 7(1) and (2) of the AIF (Tax) Regulations, this means units in the separate pool to which that part of the umbrella company relates), and

  (b)

  units in a feeder fund of the property AIF;

• “units in the co-ownership authorised contractual scheme” means—

  (a)

  units in the co-ownership authorised contractual scheme (and, where the co-ownership authorised contractual scheme is a sub-scheme of an umbrella COACS (see section 102A(3) and (4)), this means units in the separate pool to which that sub-scheme relates), and

  (b)

  units in a feeder fund of the scheme;

• “units” means the rights or interests (however described) of the participants in the property AIF or the co-ownership authorised contractual scheme.]