Taxation of Chargeable Gains Act 1992

[F1 Other definitions U.K.

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

47 (1) In this Schedule— U.K.

• [F2 “company UK REIT” has the same meaning as in Part 12 of CTA 2010,]

• “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,

• [F3 “the principal company of a group UK REIT” has the same meaning as in Part 12 of CTA 2010,] 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.]

Textual Amendments

F2 Words in Sch. 5AAA para. 47(1) inserted (10.4.2020) by The UK Property Rich Collective Investment Vehicles (Amendment of the Taxation of Chargeable Gains Act 1992) Regulations 2020 (S.I. 2020/315), regs. 1(1), 17(a)

F3 Words in Sch. 5AAA para. 47(1) inserted (10.4.2020) by The UK Property Rich Collective Investment Vehicles (Amendment of the Taxation of Chargeable Gains Act 1992) Regulations 2020 (S.I. 2020/315), regs. 1(1), 17(b)