[F128(1)This paragraph applies if—U.K.
(a)an election under paragraph 12 has been made in respect of a qualifying fund or qualifying company,
(b)but for this paragraph, the election would, as a result of paragraph 20, have ceased to have effect from a particular time for all purposes of this Part of this Schedule (“the relevant time”),
(c)the relevant fund manager expects the failure to meet the applicable exemption conditions to last for a temporary period, and
(d)at the end of the temporary period, the qualifying fund or qualifying company does meet those conditions.
(2)It is to be assumed that, for the purposes of any provision of this Part of this Schedule other than paragraph 22, the qualifying fund or qualifying company continues to meet the applicable exemption conditions during the temporary period.
(3)Accordingly—
(a)a deemed disposal occurs under paragraph 22 by reference to the failure to meet the applicable exemption conditions, but
(b)subject to that, the election continues to have effect during the temporary period.
(4)A period is not to be regarded as a temporary period for the purposes of this paragraph if it is longer than a period of 9 months beginning with the relevant time.
(5)This paragraph does not apply if paragraph 27 applies.]
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