[F1Elections for transparency under paragraph 8U.K.
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
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.]