Finance Act 2003 (c. 14)

SCHEDULES

[F1 SCHEDULE 7A U.K. Paif seeding relief and coacs seeding relief

Textual Amendments

F1 Sch. 7A inserted (with effect in accordance with Sch. 16 para. 15 of the amending Act) by Finance Act 2016 (c. 24), Sch. 16 para. 4

PART 3 U.K. Interpretation

Interpretation of other terms U.K.

21 U.K. In this Schedule—

• the “AIF (Tax) Regulations” means the Authorised Investment Funds (Tax) Regulations 2006 (S.I. 2006/964);

• “arrangements” includes any scheme, agreement or understanding, whether or not legally enforceable;

• “attributable” means attributable on a just and reasonable basis;

• “authorised corporate director”, in relation to a property AIF, has the same meaning as in regulation 8 of the AIF (Tax) Regulations;

• “COACS seeding relief” means relief under paragraph 10;

• “control period” means the period of 3 years beginning with the day following the last day of the seeding period;

• “co-ownership authorised contractual scheme” is to be construed in accordance with section 102A (see in particular subsections (2), (5), (7) and (8) of that section);

• “CTA 2010” means the Corporation Tax Act 2010;

• “FSMA 2000” means the Financial Services and Markets Act 2000;

• the “genuine diversity of ownership condition”, in relation to a co-ownership authorised contractual scheme, has the meaning given by paragraph 15;

• “ITTOIA 2005” means the Income Tax (Trading and Other Income) Act 2005;

• “non-qualifying individual” has the meaning given by paragraph 9 (in relation to a property AIF) and paragraph 19 (in relation to a co-ownership authorised contractual scheme);

• “offshore fund” has the meaning given by section 355 of the Taxation (International and Other Provisions) Act 2010;

• “open-ended investment company” has the meaning given by section 236 of FSMA 2000;

• “operator”, in relation to a co-ownership authorised contractual scheme, has the same meaning as in section 102A;

• “PAIF seeding relief” means relief under paragraph 1;

• “participant” is to be read in accordance with section 235 of FSMA 2000;

• “portfolio test” has the meaning given by paragraph 6(7) (in relation to a property AIF) and paragraph 16(7) (in relation to a co-ownership authorised contractual scheme);

• “property AIF” is to be construed in accordance with paragraph 2 (see in particular sub-paragraphs (2), (3) and (5) of that paragraph);

• “relevant disposal” has the meaning given by paragraph 7(3) (in relation to a property AIF) and paragraph 17(3) (in relation to a co-ownership authorised contractual scheme);

• “seeding period” has the meaning given by paragraph 3 (in relation to a property AIF) and paragraph 11 (in relation to a co-ownership authorised contractual scheme);

• “unit trust scheme” has the meaning given by section 237(1) of FSMA 2000.]