Taxation of Chargeable Gains Act 1992 (c. 12)

SCHEDULES

[F1 SCHEDULE 5AZA U.K. Meaning of “scheme of reconstruction”

Textual Amendments

F1 Sch. 5AZA inserted (8.6.2013) by The Collective Investment Schemes (Tax Transparent Funds, Exchanges, Mergers and Schemes of Reconstruction) Regulations 2013 (S.I. 2013/1400), regs. 1(1), 13 (with reg. 1(2))

First condition: issue of units U.K.

3. (1) The first condition is that the relevant scheme involves the issue of units in a successor collective investment scheme or schemes or a feeder fund— U.K.

(a) where there is one original collective investment scheme, to holders of units in that scheme or, if there are different classes of units in that scheme, to holders of one or more classes of units in that scheme (the classes “involved in the scheme of reconstruction”), or

(b) where there is more than one original collective investment scheme, to holders of units in any of those schemes or, if there are different classes of units in one or more of those schemes, to holders of units in any of those schemes or of one or more classes of units in any of those schemes (the classes “involved in the scheme of reconstruction”),

and does not involve the issue of units in any successor collective investment scheme or feeder fund to anyone else.

(2) In this Schedule, “feeder fund” means a collective investment scheme, 85% or more of the property subject to which is constituted by units in a successor collective investment scheme or schemes.]