Participants chargeable to corporation tax: holdings in qualified investor schemes where scheme does not meet the genuine diversity of ownership condition51

1

This regulation applies if—

a

a participant has a holding in a qualified investor scheme, and

b

the scheme has not met the genuine diversity of ownership condition in regulation 14B in relation to an accounting period.

2

Section 212 of TCGA 199218 (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 199619 (company holdings in unit trusts and offshore funds) shall not apply to the participant in relation to that accounting period.