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
9(1)An election under paragraph 8 in relation to an offshore collective investment vehicle—U.K.
(a)has effect only if the participants in the vehicle at the time at which it is made have consented to the making of the election,
(b)must be made by notice given to an officer of Revenue and Customs, and
(c)must be made before the end of the period of 12 months beginning with the relevant acquisition date.
(2)For this purpose “the relevant acquisition date” means the earliest date on which—
(a)an interest in UK land, or
(b)a right or interest in a company that is UK property rich,
forms part of the property that is the subject of or held by the vehicle.
(3)An election under paragraph 8 is irrevocable.]