SCHEDULES

[F1 SCHEDULE 5AAA U.K. UK property rich collective investment vehicles etc

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

PART 1 U.K. Introduction: key expressions

Meaning of a collective investment vehicle being “UK property rich” etc U.K.

3 (1) For the purposes of this Schedule the question whether a collective investment vehicle is “UK property rich” at any time is determined by applying the rules in Part 2 of Schedule 1A on the following assumptions. U.K.

(2) The assumptions are—

(a) that (so far as this would not otherwise be the case) the vehicle were a company, and

(b) that a disposal were made at that time of a right or interest in that company.

(3) If that disposal would be regarded for the purposes of Schedule 1A as a disposal of an asset deriving at least 75% of its value from UK land, the vehicle is regarded for the purposes of this Schedule as being UK property rich at that time.

(4) For the purposes of this Schedule the question whether a company is “UK property rich” at any time is determined by applying the rules in Part 2 of Schedule 1A on the assumption that a disposal were made at that time of a right or interest in the company.

(5) If that disposal would be regarded for the purposes of Schedule 1A as a disposal of an asset deriving at least 75% of its value from UK land, the company is regarded for the purposes of this Schedule as being UK property rich at that time.]