Point in time view as at 10/04/2020.
Taxation of Chargeable Gains Act 1992, Cross Heading: Meaning of a collective investment vehicle being “UK property rich” etc is up to date with all changes known to be in force on or before 02 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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
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 [F2(but without regard to paragraphs 5 and 6 of that Schedule)] 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 [F3(but without regard to paragraphs 5 and 6 of that Schedule)] 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.]
Textual Amendments
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