[F11(1)In this Schedule “collective investment vehicle” means—U.K.
(a)a collective investment scheme,
(b)an AIF,
(c)a company which is a UK REIT, or
(d)a company which is resident outside the United Kingdom and meets the property income condition.
(2)A company meets the property income condition if—
(a)it is not a close company or is a close company but only because it has a qualifying investor as a direct or indirect participator,
(b)at least half of its income is property income from long-term investments,
(c)it distributes all, or substantially all, of its property income from long-term investments and does so on an annual basis, and
(d)it is not liable to tax on that income under the law of any territory in which it is resident.
(3)Paragraph 46 (meaning of “close company”, “qualifying investor” and “direct or indirect participator”) applies for the purposes of sub-paragraph (2)(a).
(4)For the purposes of sub-paragraph (2) “property income from long-term investments” means income deriving from direct or indirect investments in—
(a)land, or
(b)estates, interests or rights in or over land,
which are made on a long-term basis.
(5)In this Schedule “participant” means—
(a)in relation to a collective investment scheme or an AIF, a person who takes part in the arrangements or undertaking constituting the scheme or AIF, whether by becoming the owner of, or of any part of, the property that is the subject of or held by the arrangements or undertaking or otherwise, or
(b)in relation to a company within (1)(c) or (d), a shareholder in the company.
(6)In this Schedule “unit” means—
(a)in the case of a collective investment scheme or an AIF, the rights or interests (however described) of the participant in the scheme or AIF, or
(b)in the case of a company within (1)(c) or (d), a share in the company.
(7)In this paragraph—
“AIF” has the meaning given by regulation 3 of the Alternative Investment Fund Managers Regulations 2013, and
“UK REIT” has the same meaning as in Part 12 of CTA 2010.]
Textual Amendments
F1Sch. 5AAA inserted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 21