Schedules

Schedule 4Investment vehicles

Part 3Qualifying asset holding companies

12Genuine diversity of ownership

1

Paragraph 9 is amended as follows.

2

In sub-paragraph (2)(a)—

a

in sub-paragraph (i), for “it meets” substitute “the fund meets or, if the fund is part of multi-vehicle arrangements, the arrangements meet”;

b

in sub-paragraph (ii), for “it” substitute “the fund or those multi-vehicle arrangements”.

3

In sub-paragraph (3)—

a

before paragraph (a) insert—

za

the Offshore Funds (Tax) Regulations 2009 (S.I. 2009/3001) have effect as if references to a fund included—

i

multi-vehicle arrangements,

ii

a collective investment scheme which is not an offshore fund, and

iii

an AIF that is not a collective investment scheme only by reason of it being a body corporate (and which is not an offshore fund);

b

in paragraph (a), in the words before sub-paragraph (i)—

i

for “the Offshore Funds (Tax) Regulations 2009 (S.I. 2009/3001)” substitute “those Regulations”;

ii

after “a fund” insert “or multi-vehicle arrangements”;

iii

after “the fund”, in both places it occurs, insert “or multi-vehicle arrangements”;

c

in that paragraph—

i

in sub-paragraphs (i) and (ii), after “fund” insert “or multi-vehicle arrangements”;

ii

in sub-paragraph (ii), after “fund” insert “or multi-vehicle arrangements”;

iii

in sub-paragraph (iii), for “vehicle” substitute “fund or multi-vehicle arrangements”;

d

in paragraph (b), after “fund” insert “or multi-vehicle arrangements”.

4

In sub-paragraph (4) after “fund”, in each place it occurs, insert “or multi-vehicle arrangements”.

5

In sub-paragraph (10), at the end insert—

  • multi-vehicle arrangements” means arrangements comprising two or more funds under which an investor in one of those funds would reasonably regard that investment as an investment in the arrangements as a whole rather than exclusively in any particular fund;