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Finance (No. 2) Act 2023

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Genuine diversity of ownershipU.K.

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.

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