Taxation of Chargeable Gains Act 1992

[F1103DCo-ownership schemesU.K.

(1)This section applies in relation to an authorised contractual scheme which is a co-ownership scheme and is not a relevant offshore fund.

(2)Subject to what follows, a participant’s interests in the property subject to the scheme are to be disregarded for the purposes of this Act.

(3)A unit in the scheme is to be treated as an asset for the purposes of this Act.

(4)Section 99B applies for the purpose of computing the gain accruing on the disposal by a participant of such a unit (but for no other purpose) as if—

(a)the scheme were a unit trust scheme,

(b)the unit were a unit in a unit trust scheme (but not an authorised unit trust), and

(c)the participant were a unit holder.

(5)For the purposes of this Act—

  • “authorised contractual scheme” has the meaning given by section 237(3) of the Financial Services and Markets Act 2000;

  • “co-ownership scheme” has the meaning given by section 235A of the Financial Services and Markets Act 2000.

(6)In subsection (1), “relevant offshore fund” has the same meaning as in section 103A.]

Textual Amendments