Part III Individuals, partnerships, trusts and collective investment schemes F5etc
Chapter III Collective investment schemes and investment trusts F3etc
Word 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
99AF8F11Treatment of umbrella schemes
1
In this section an “umbrella scheme” means F9a 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.
F72
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).
F103
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4
Nothing in F1subsection (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 F6a unit trust scheme for the purposes of section 139(4) (exclusion of transfers to authorised unit trusts etc);
F4c
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F25
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.
Word 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