Schedules
Schedule 4Investment vehicles
Part 2Real estate investment trusts
5Genuine diversity of ownership
1
Section 528ZB of CTA 2010 is amended as follows.
2
In subsection (2)—
a
in the words before paragraph (a), for “it meets” substitute “the scheme meets or, if the scheme is part of multi-vehicle arrangements, the arrangements meet”
;
b
omit the words after paragraph (b).
3
After that subsection insert—
2A
For the purposes of subsection (2), those Regulations have effect as if references to a fund included—
a
multi-vehicle arrangements, and
b
a collective investment scheme which is not an offshore fund.
4
In subsection (3), for “the vehicle” substitute “the scheme”
.
5
In subsection (4), for “vehicle”, in both places it occurs, substitute “scheme”
.
6
After subsection (5) insert—
6
Where the collective investment scheme is part of multi-vehicle arrangements, subsections (3) to (5) apply as if references to “the scheme” included the multi-vehicle arrangements.
7
In this section “multi-vehicle arrangements” means arrangements comprising two or more schemes under which an investor in one of those schemes would reasonably regard that investment as an investment in the arrangements as a whole rather than exclusively in any particular scheme.