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Taxation of Chargeable Gains Act 1992, Paragraph 7B is up to date with all changes known to be in force on or before 28 July 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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[F1[F27B.(1)Paragraph 6 does not apply if—
(a)the person making the disposal is an offshore collective investment vehicle which meets the conditions in paragraph 7(2)(a) and (b),
(b)immediately before the disposal, the offshore collective investment vehicle is not a UK feeder vehicle,
(c)the asset disposed of is a right or interest in a collective investment vehicle that is a company (whether as a result of paragraph 4 or otherwise) and is UK property rich (a “UK property rich vehicle”), and
(d)immediately before the disposal, the offshore collective investment vehicle does not have a 10% investment in the UK property rich vehicle.
(2)An offshore collective investment vehicle is a “UK feeder vehicle” at any time if at least 85% of the market value of the assets of the vehicle at that time derives from units in a single collective investment vehicle that is UK property rich.
(3)An offshore collective investment vehicle has a 10% investment in a UK property rich vehicle if, applying the rule in paragraph 9 (but without regard to paragraph 10) of Schedule 1A as if references to 25% were references to 10%, the offshore collective investment vehicle would be regarded as having a 10% investment in the UK property rich vehicle.]]
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
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