Taxation of Chargeable Gains Act 1992 (c. 12)

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 7 U.K. Transitional provision

Elections for transparency under paragraph 8 U.K.

49 (1) This paragraph applies in the case of an offshore collective investment vehicle to which paragraph 8 applies which was constituted before 6 April 2019. U.K.

(2) Paragraph 9(1)(c) has effect as if it permitted the election under paragraph 8 to be made before 6 April 2020.

(3) The election is to have effect in relation to disposals made on or after 6 April 2019 (so that paragraph 8(2) has effect subject to this sub-paragraph).

(4) If a person is a participant in the vehicle on 6 April 2019—

(a) the making of an election under paragraph 8 is not to be regarded as being a disposal of the person's units in the vehicle, and

(b) any question arising for the purposes of this Act, in relation to a disposal on or after 6 April 2019 of the person's units in the vehicle, is to be determined as if the election under paragraph 8 had had effect in relation to all times on or after the vehicle's constitution.

Elections under paragraph 12 and information about disposals by participants U.K.

50 U.K. Nothing in paragraph 14 requires information about disposals made before 6 April 2019.]