Finance Act 2003

[F12(1)This paragraph has effect for the purposes of this Schedule.U.K.

(2)A “property AIF” is an open-ended investment company to which Part 4A of the AIF (Tax) Regulations applies.

(3)In sub-paragraph (2) “open-ended investment company” is to be read in accordance with regulation 7(1) and (2) of those Regulations (part of an umbrella company is regarded as an open-ended investment company).

(4)Regulation 7(3)(a) of those Regulations applies for the purposes of this Schedule as it applies for the purposes of those Regulations but as if references to investments and scheme property were a reference to chargeable interests.

(5)References to a property AIF are treated as including a collective investment scheme which—

(a)is a company incorporated under the law of an EEA State F2..., and

(b)is authorised under the law of that EEA State in a way which makes it, under that law, the equivalent of a property AIF as defined in sub-paragraph (2).

(6)In sub-paragraph (5) “collective investment scheme” has the meaning given by section 235 of FSMA 2000.]

Textual Amendments

F1Sch. 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