The Co-ownership Contractual Schemes (Tax) Regulations 2025
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Change 1
43 Umbrella schemes: becoming a Reserved Investor Fund (Contractual Scheme)
(1) Regulation 4 applies in relation to an umbrella co-ownership scheme as if the requirement in paragraph (1)(d) were a requirement to set out which restriction condition is met by each of the sub-schemes of the umbrella co-ownership scheme. (2) Regulation 13 applies in relation to an umbrella co-ownership scheme as if it provided for the scheme to rely on the application of that regulation as modified below to enable a sub-scheme of the scheme to meet the UK property rich condition for the purposes of the scheme becoming a RIF (but see paragraph (4)). (3) In such a case— (a) regulation 13 applies as if references to “a co-ownership scheme” were references to a sub-scheme of an umbrella co-ownership scheme (except for those references that relate to an entry notice in relation to the scheme), and (b) the requirements of paragraph (1) of regulation 13 apply as if references to “the scheme” in sub-paragraphs (a) to (c) were references to “the sub-scheme”. (4) An umbrella co-ownership scheme may not rely on regulation 13 in relation to a sub-scheme of the scheme if— (a) the scheme has previously been a RIF (including an umbrella RIF), (b) the scheme has previously been an authorised contractual scheme, or (c) the sub-scheme has participants that have been issued with units in the sub-scheme in return for consideration other than money.
43 Umbrella schemes: becoming a Reserved Investor Fund (Contractual Scheme)
(1) Regulation 4 applies in relation to an umbrella co-ownership scheme as if the requirement in paragraph (1)(d) were a requirement to set out which restriction condition is met by each of the sub-schemes of the umbrella co-ownership scheme. (2) Regulation 13 applies in relation to an umbrella co-ownership scheme as if it provided for the scheme to rely on the application of that regulation as modified below to enable a sub-scheme of the scheme to meet the UK property rich condition for the purposes of the scheme becoming a RIF (but see paragraph (4)). (3) In such a case— (a) regulation 13 applies as if references to “a co-ownership scheme” were references to a sub-scheme of an umbrella co-ownership scheme (except for those references that relate to an entry notice in relation to the scheme), and (b) the requirements of paragraph (1) of regulation 13 apply as if references to “the scheme” in sub-paragraphs (a) to (c) were references to “the sub-scheme”. (4) An umbrella co-ownership scheme may not rely on regulation 13 in relation to a sub-scheme of the scheme if— (a) the scheme has previously been a RIF (including an umbrella RIF), (b) the scheme has previously been an authorised contractual scheme, or (c) the sub-scheme has participants that have been issued with units in the sub-scheme in return for consideration other than money.
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