SCHEDULES
F1SCHEDULE 5AAAUK property rich collective investment vehicles etc
PART 4Exemption
Meaning of “wholly owned” or “wholly (or almost wholly) owned”
41
1
For the purposes of this Part of this Schedule a collective investment scheme or person wholly (or almost wholly) owns a company at any time if—
a
the scheme or person wholly owns the company at that time, or
b
the scheme or person has a 99% investment in the company at that time.
2
Whether a scheme or person has a 99% investment in a company at any time is determined—
a
by applying a modified version of the rule in paragraph 9 of Schedule 1A, and,
b
in the case of a collective investment scheme, on the assumption that it is a person.
3
The reference here to a modified version of the rule in paragraph 9 of Schedule 1A is to the rule in that paragraph as it has effect without regard to paragraph 10 and as if in sub-paragraph (1) of paragraph 9 the following modifications were made—
a
omit paragraph (a),
b
for “25%”, in each place, substitute “ 99% ”
, and
c
for the “or” at the end of paragraph (c) substitute “ and ”
.
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