[F1Participants chargeable to corporation tax: holdings in qualified investor schemes [F2and long-term asset funds] where scheme does not meet the genuine diversity of ownership conditionU.K.
51.—(1) This regulation applies if—
(a)a participant has a holding in a qualified investor scheme [F3or a long-term asset fund], and
(b)the scheme has not met the genuine diversity of ownership condition in regulation [F49A] in relation to an accounting period.
(2) Section 212 of TCGA 1992 (annual deemed disposal of holdings of unit trusts etc.) does not apply to the participant in relation to that accounting period.
(3) Paragraph 4 of Schedule 10 to FA 1996 (company holdings in unit trusts and offshore funds) shall not apply to the participant in relation to that accounting period.]
Textual Amendments
F1Reg. 51 substituted (1.1.2009) by The Authorised Investment Funds (Tax) (Amendment No. 3) Regulations 2008 (S.I. 2008/3159), regs. 1(1), 15
F2Words in reg. 51 heading inserted (9.12.2021) by The Authorised Investment Funds (Tax) (Amendment) Regulations 2021 (S.I. 2021/1270), regs. 1, 3(3)
F3Words in reg. 51(1)(a) inserted (9.12.2021) by The Authorised Investment Funds (Tax) (Amendment) Regulations 2021 (S.I. 2021/1270), regs. 1, 3(4)
F4Word in reg. 51(1)(b) substituted (1.9.2009) by The Authorised Investment Funds (Tax) (Amendment) Regulations 2009 (S.I. 2009/2036), regs. 1, 13