Amendment of Schedule 5AAA to the Taxation of Chargeable Gains Act 19929
In paragraph 12 (exemption for qualifying offshore CIV that is UK property rich etc)—
a
in sub-paragraph (3)(a), after “(or almost wholly)” insert “and directly”, and
b
after sub-paragraph (3) insert—
3A
In sub-paragraph (3)(a) the reference to direct ownership by a collective investment scheme is to ownership otherwise than through—
a
a company, or
b
a partnership, trust or other entity or arrangements.