Taxation of Chargeable Gains Act 1992

[F1 PART 7 U.K. Transitional provision

Textual Amendments

F1 Sch. 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

Elections for transparency under paragraph 8 U.K.

49 (1) This paragraph applies in the case of an offshore collective investment vehicle to which paragraph 8 applies which was constituted before 6 April 2019. U.K.

(2) Paragraph 9(1)(c) has effect as if it permitted the election under paragraph 8 to be made before [F2 1 October 2020].

(3) The election is to have effect in relation to disposals made on or after 6 April 2019 (so that paragraph 8(2) has effect subject to this sub-paragraph).

(4) If a person is a participant in the vehicle on 6 April 2019—

(a) the making of an election under paragraph 8 is not to be regarded as being a disposal of the person's units in the vehicle, and

(b) any question arising for the purposes of this Act, in relation to a disposal on or after 6 April 2019 of the person's units in the vehicle, is to be determined as if the election under paragraph 8 had had effect in relation to all times on or after the vehicle's constitution.

Textual Amendments

F2 Words in Sch. 5AAA para. 49(2) substituted (10.4.2020) by The UK Property Rich Collective Investment Vehicles (Amendment of the Taxation of Chargeable Gains Act 1992) Regulations 2020 (S.I. 2020/315), regs. 1(1), 18

[F3 49A. (1) This paragraph applies in the case of an offshore collective investment vehicle to which paragraph 8 applies which was constituted on or after 6 April 2019. U.K.

(2) Paragraph 9(1)(c) has effect as if it permitted the election under paragraph 8 to be made before whichever is the later of—

(a) the end of the period mentioned in paragraph 9(1)(c), or

(b) 1 October 2020.]

Textual Amendments

F3 Sch. 5AAA para. 49A inserted (10.4.2020) by The UK Property Rich Collective Investment Vehicles (Amendment of the Taxation of Chargeable Gains Act 1992) Regulations 2020 (S.I. 2020/315), regs. 1(1), 19

Elections under paragraph 12 and information about disposals by participants U.K.

50 U.K. Nothing in paragraph 14 requires information about disposals made before 6 April 2019.

[F4 Genuine diversity of ownership condition in case of existing funds U.K.

Textual Amendments

F4 Sch. 5AAA para. 51 and cross-heading inserted (with effect in accordance with reg. 1(3) of the amending S.I.) by The UK Property Rich Collective Investment Vehicles (Amendment of the Taxation of Chargeable Gains Act 1992) Regulations 2020 (S.I. 2020/315), regs. 1(1), 20

51. (1) This paragraph applies, in the case of a collective investment vehicle constituted before 6 April 2020, for the purpose of determining whether the vehicle meets the genuine diversity of ownership condition referred to in any provision of this Schedule. U.K.

(2) It is to be assumed that regulation 75(2) of the Offshore Funds (Tax) Regulations 2009 (including as it applies for the purposes of regulation 75(5) of those Regulations) has effect as if it referred to a statement prepared by the manager of the vehicle, available to HMRC, which—

(a) specifies the intended categories of investor when the vehicle was marketed,

(b) confirms that the interests in the vehicle were made widely available, and

(c) confirms that interests in the vehicle were marketed and made available in accordance with the requirements of regulation 75(4)(a) of those Regulations (and that provision is to be read accordingly).

[F5 (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.]]]

Textual Amendments

F5 Sch. 5AAA para. 51(3) inserted (11.7.2023) by Finance (No. 2) Act 2023 (c. 30), Sch. 4 para. 1(7)