Co-ownership schemes103D

1

This section applies in relation to an authorised contractual scheme which is a co-ownership scheme and is not a relevant offshore fund.

2

Subject to what follows, a participant’s interests in the property subject to the scheme are to be disregarded for the purposes of this Act.

3

A unit in the scheme is to be treated as an asset for the purposes of this Act.

4

Section 99B2 applies for the purpose of computing the gain accruing on the disposal by a participant of such a unit (but for no other purpose) as if—

a

the scheme were a unit trust scheme,

b

the unit were a unit in a unit trust scheme (but not an authorised unit trust), and

c

the participant were a unit holder.

5

For the purposes of this Act—

• “authorised contractual scheme” has the meaning given by section 237(3) of the Financial Services and Markets Act 20003;

• “co-ownership scheme” has the meaning given by section 235A of the Financial Services and Markets Act 20004.

6

In subsection (1), “relevant offshore fund” has the same meaning as in section 103A.