SCHEDULES
F1SCHEDULE 5AAAUK property rich collective investment vehicles etc
PART 4Exemption
Temporary period during which applicable exemption conditions not met
27
1
This paragraph applies if—
a
an election under paragraph 12 has been made in respect of a qualifying fund or qualifying company (“Q”),
b
Q ceases at any time (“the relevant time”) to meet the applicable exemption conditions otherwise than as a result of the vehicle or appropriate entity ceasing to be UK property rich (see paragraph 12(2)(c) or (3)(b)),
c
the election would (but for this paragraph) have, accordingly, ceased to have had effect under paragraph 20 from the relevant time,
d
the relevant fund manager expects Q to meet the applicable exemption conditions within 30 days, and
e
Q does meets those conditions within 30 days.
2
The failure by Q to meet the applicable exemption conditions is to be ignored for the purposes of this Part of this Schedule.
3
In this paragraph any reference to Q meeting the applicable exemption conditions within 30 days is to Q meeting those conditions before the end of the period of 30 days beginning with the day on which the relevant time falls.
4
This paragraph does not apply on more than four occasions in any period of 12 months.
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