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 6 U.K.General

Other definitions U.K.

47 (1) In this Schedule— U.K.

• “double taxation arrangements” means arrangements having effect under section 2(1) of TIOPA 2010,

• “interest in UK land” is to be read in accordance with section 1C,

• “the manager”, in relation to a collective investment vehicle, means—

  (a)

  any person who is the manager of the property that is the subject of or held by the vehicle, or

  (b)

  any other person who has, or is expected to have, day-to-day control of that property, and

• “prospectus”, in relation to a collective investment vehicle, means any document (however described) which is made available to investors and which sets out descriptions of the investments to be made, or intended to be made, by the vehicle.

(2) For the purposes of this Schedule—

(a) a reference to a direct disposal of UK land is to a disposal of an interest in UK land, and

(b) a reference to an indirect disposal of UK land is to a disposal of an asset deriving at least 75% of its value from UK land.

(3) For this purpose the reference to a disposal of an asset deriving at least 75% of its value from UK land is to be read in accordance with Part 2 of Schedule 1A.]