The Co-ownership Contractual Schemes (Tax) Regulations 2025
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Change 1
14 Exempt investor condition
(1) A co-ownership scheme meets the exempt investor condition at any time that all of its participants are exempt from tax on gains. (2) A participant is exempt from tax on gains if— (a) any gain accruing in the event of a disposal of the participant’s units would be wholly exempt from capital gains tax or corporation tax (otherwise than by reason of residence), or (b) the participant holds all of their units pending disposal in their capacity as operator of the scheme. (3) For the purposes of paragraph (2)(a), no account is to be taken of the possibility of a charge to corporation tax on income in respect of a gain accruing on a disposal of a unit by an insurance company, or a friendly society, where throughout the time that the company or society holds the unit— (a) the company, or society, carries on life assurance business and the unit is an asset which, applying the rules in section 138 of FA 2012, is wholly matched to a liability of that business that is not BLAGAB, or (b) the company, or society, carries on long-term business none of which is BLAGAB and the unit is an asset held for the purposes of that business. (4) In paragraph (3)— (a) the following terms have the meaning they have in Part 2 of FA 2012— (i) “insurance company”; (ii) “life assurance business”; (iii) “long-term business”; (iv) “BLAGAB”; (b) “friendly society” has the meaning it has in section 172(1) of that Act.
14 Exempt investor condition
(1) A co-ownership scheme meets the exempt investor condition at any time that all of its participants are exempt from tax on gains. (2) A participant is exempt from tax on gains if— (a) any gain accruing in the event of a disposal of the participant’s units would be wholly exempt from capital gains tax or corporation tax (otherwise than by reason of residence), or (b) the participant holds all of their units pending disposal in their capacity as operator of the scheme. (3) For the purposes of paragraph (2)(a), no account is to be taken of the possibility of a charge to corporation tax on income in respect of a gain accruing on a disposal of a unit by an insurance company, or a friendly society, where throughout the time that the company or society holds the unit— (a) the company, or society, carries on life assurance business and the unit is an asset which, applying the rules in section 138 of FA 2012, is wholly matched to a liability of that business that is not BLAGAB, or (b) the company, or society, carries on long-term business none of which is BLAGAB and the unit is an asset held for the purposes of that business. (4) In paragraph (3)— (a) the following terms have the meaning they have in Part 2 of FA 2012— (i) “insurance company”; (ii) “life assurance business”; (iii) “long-term business”; (iv) “BLAGAB”; (b) “friendly society” has the meaning it has in section 172(1) of that Act.
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