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Part IIIU.K. Individuals, partnerships, trusts and collective investment schemes [F1etc]

Textual Amendments

F1Word in Pt. 3 heading inserted (with effect in accordance with Sch. 22 para. 12 of the amending Act) by Finance Act 2009 (c. 10), Sch. 22 para. 9; S.I. 2010/670, art. 2

Chapter IIIU.K. Collective investment schemes and investment trusts [F2etc]

Textual Amendments

F2Word in Pt. 3 Ch. 3 heading inserted (with effect in accordance with Sch. 22 para. 12 of the amending Act) by Finance Act 2009 (c. 10), Sch. 22 para. 9; S.I. 2010/670, art. 2

[F399A[F4Treatment of umbrella schemes]U.K.

(1)In this section an “umbrella scheme” means [F5a relevant collective investment scheme]—

(a)which provides arrangements for separate pooling of the contributions of the participants and the profits or income out of which payments are to be made to them, and

(b)under which the participants are entitled to exchange rights in one pool for rights in another,

and any reference to a part of an umbrella scheme is a reference to such of the arrangements as relate to a separate pool.

[F6(2)For the purposes of this Act (except subsection (1) and section 103C)—

(a)each of the parts of an umbrella scheme shall itself be regarded as a collective investment scheme of the same form as the umbrella scheme as a whole, and

(b)the umbrella scheme as a whole shall not be regarded as a collective investment scheme of that form or as any other form of collective investment scheme,

and the participants in the umbrella scheme are to be treated accordingly.

(2A)Subsection (2)—

(a)does not prevent gains or losses accruing to an umbrella scheme which is a unit trust scheme (other than an authorised unit trust) being regarded as gains or losses accruing to the umbrella scheme as a whole, and

(b)does not apply for the purposes of section 100(2).]

F7(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(4)Nothing in [F8subsection (2)] shall prevent—

(a)gains accruing to an umbrella scheme being regarded as gains accruing to an authorised unit trust for the purposes of section 100(1) (exemption for authorised unit trusts etc);

(b)a transfer of business to an umbrella scheme being regarded as a transfer to [F9a unit trust scheme] for the purposes of section 139(4) (exclusion of transfers to authorised unit trusts etc);

F10(c). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F11(5)For the purposes of subsection (1), “arrangements” includes arrangements provided in a company’s instrument of incorporation.

(6)In this section, “relevant collective investment scheme” means a collective investment scheme which is—

(a)an authorised contractual scheme which is a co-ownership scheme,

(b)a unit trust scheme, or

(c)an offshore fund.]]

Textual Amendments

F3S. 99A inserted (with effect in accordance with s. 118(5) of the amending Act) by Finance Act 2004 (c. 12), s. 118(3)

F10S. 99A(4)(c) repealed (6.4.2006) by Finance Act 2004 (c. 12), Sch. 42 Pt. 3 (with Sch. 36)