1(1)Schedule 5AAA to TCGA 1992 is amended as follows.
(2)In paragraph 7 (appropriate connection)—
(a)in sub-paragraph (5)—
(i)in paragraph (a), for “it meets” substitute “the vehicle meets or, if the vehicle is part of multi-vehicle arrangements, the arrangements meet”;
(ii)in paragraph (b), for “it meets” substitute “the vehicle meets, or those multi-vehicle arrangements meet,”;
(iii)omit the words after paragraph (b);
(b)after that sub-paragraph insert—
“(5A)For the purposes of sub-paragraph (5), those Regulations have effect as if references to a fund included—
(a)multi-vehicle arrangements, and
(b)a collective investment vehicle which is not an offshore fund.”;
(c)after sub-paragraph (7) insert—
“(8)In this Schedule “multi-vehicle arrangements” means arrangements comprising two or more vehicles under which an investor in one of those vehicles would reasonably regard that investment as an investment in the arrangements as a whole rather than exclusively in any particular vehicle.”
(3)In paragraph 13 (qualifying conditions)—
(a)in sub-paragraph (3)—
(i)in paragraph (a), for “it meets” substitute “the scheme meets or, if the scheme is part of multi-vehicle arrangements, the arrangements meet”;
(ii)in paragraph (b), for “it meets” substitute “the scheme meets, or those multi-vehicle arrangements meet,”;
(iii)omit the words after paragraph (b);
(b)after that sub-paragraph insert—
“(3A)For the purposes of sub-paragraph (3), those Regulations have effect as if references to a fund included—
(a)multi-vehicle arrangements, and
(b)a collective investment scheme which is not an offshore fund.”
(4)In paragraph 46 (meaning of qualifying investor etc)—
(a)in sub-paragraph (4)—
(i)in paragraph (a), for “it meets” substitute “the vehicle meets or, if the vehicle is part of multi-vehicle arrangements, the arrangements meet”;
(ii)in paragraph (b), for “it meets” substitute “the vehicle meets, or those multi-vehicle arrangements meet,”;
(iii)omit the words after paragraph (b);
(b)after that sub-paragraph insert—
“(4A)For the purposes of sub-paragraph (4), those Regulations have effect as if references to a fund included—
(a)multi-vehicle arrangements, and
(b)a collective investment vehicle which is not an offshore fund.”
(5)In paragraph 46A (application of diversity of ownership condition), after sub-paragraph (3) insert—
“(4)Where the collective investment vehicle is part of multi-vehicle arrangements, sub-paragraphs (2) and (3) apply as if references to the vehicle included the multi-vehicle arrangements.”
(6)In paragraph 47 (other definitions), in sub-paragraph (1) at the appropriate place insert—
““multi-vehicle arrangements” has the meaning given by paragraph 7(8);”.
(7)In paragraph 51 (genuine diversity of ownership condition in case of funds existing before 6 April 2020), after sub-paragraph (2) insert—
“(3)Where the collective investment vehicle is part of multi-vehicle arrangements, sub-paragraph (2) applies as if references to the vehicle included the multi-vehicle arrangements.”