Genuine diversity of ownershipU.K.
12(1)Paragraph 9 is amended as follows.
(2)In sub-paragraph (2)(a)—
(a)in sub-paragraph (i), for “it meets” substitute “the fund meets or, if the fund is part of multi-vehicle arrangements, the arrangements meet”;
(b)in sub-paragraph (ii), for “it” substitute “the fund or those multi-vehicle arrangements”.
(3)In sub-paragraph (3)—
(a)before paragraph (a) insert—
“(za)the Offshore Funds (Tax) Regulations 2009 (S.I. 2009/3001) have effect as if references to a fund included—
(i)multi-vehicle arrangements,
(ii)a collective investment scheme which is not an offshore fund, and
(iii)an AIF that is not a collective investment scheme only by reason of it being a body corporate (and which is not an offshore fund);”;
(b)in paragraph (a), in the words before sub-paragraph (i)—
(i)for “the Offshore Funds (Tax) Regulations 2009 (S.I. 2009/3001)” substitute “those Regulations”;
(ii)after “a fund” insert “or multi-vehicle arrangements”;
(iii)after “the fund”, in both places it occurs, insert “or multi-vehicle arrangements”;
(c)in that paragraph—
(i)in sub-paragraphs (i) and (ii), after “fund” insert “or multi-vehicle arrangements”;
(ii)in sub-paragraph (ii), after “fund” insert “or multi-vehicle arrangements”;
(iii)in sub-paragraph (iii), for “vehicle” substitute “fund or multi-vehicle arrangements”;
(d)in paragraph (b), after “fund” insert “or multi-vehicle arrangements”.
(4)In sub-paragraph (4) after “fund”, in each place it occurs, insert “or multi-vehicle arrangements”.
(5)In sub-paragraph (10), at the end insert—
““multi-vehicle arrangements” means arrangements comprising two or more funds under which an investor in one of those funds would reasonably regard that investment as an investment in the arrangements as a whole rather than exclusively in any particular fund;”.