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;