Finance (No. 2) Act 2023

Genuine diversity of ownership

5 (1) Section 528ZB of CTA 2010 is amended as follows.

(2) In subsection (2)—

(a) in the words before paragraph (a), for “it meets” substitute “the scheme meets or, if the scheme is part of multi-vehicle arrangements, the arrangements meet”;

(b) omit the words after paragraph (b).

(3) After that subsection insert—

“(2A) For the purposes of subsection (2), those Regulations have effect as if references to a fund included—

(a) multi-vehicle arrangements, and

(b) a collective investment scheme which is not an offshore fund.”

(4) In subsection (3), for “the vehicle” substitute “the scheme”.

(5) In subsection (4), for “vehicle”, in both places it occurs, substitute “scheme”.

(6) After subsection (5) insert—

“(6) Where the collective investment scheme is part of multi-vehicle arrangements, subsections (3) to (5) apply as if references to “the scheme” included the multi-vehicle arrangements.

(7) In this section “multi-vehicle arrangements” means arrangements comprising two or more schemes under which an investor in one of those schemes would reasonably regard that investment as an investment in the arrangements as a whole rather than exclusively in any particular scheme.”