The Co-ownership Contractual Schemes (Tax) Regulations 2025
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Change 1
9 Ownership requirement treated as met for initial period
(1) A co-ownership scheme that has not previously been a RIF is to be treated for the purposes of these Regulations as meeting the ownership requirement where the entry notice for that scheme— (a) includes a declaration that the scheme is relying on this regulation, (b) includes a declaration that the operator of the scheme intends and reasonably expects that the scheme will meet the ownership requirement before the end of a period of 12 months (“the 12 month period”) beginning with the date referred to in regulation 4(1)(b), and (c) sets out the steps that the operator of the scheme has taken, or will take, in order to meet that qualifying condition. (2) A co-ownership scheme may not rely on this regulation after the earlier of— (a) the end of the 12 month period, (b) the beginning of the day on which it becomes apparent to the operator of the scheme that there is no reasonable expectation of the scheme meeting the ownership requirement within the 12 month period, or (c) the date on which the scheme meets the ownership requirement. (3) Where paragraph (2)(b) applies, the operator of the scheme must notify HMRC of that fact within a period of 30 days, beginning with the day on which that paragraph applies.
9 Ownership requirement treated as met for initial period
(1) A co-ownership scheme that has not previously been a RIF is to be treated for the purposes of these Regulations as meeting the ownership requirement where the entry notice for that scheme— (a) includes a declaration that the scheme is relying on this regulation, (b) includes a declaration that the operator of the scheme intends and reasonably expects that the scheme will meet the ownership requirement before the end of a period of 12 months (“the 12 month period”) beginning with the date referred to in regulation 4(1)(b), and (c) sets out the steps that the operator of the scheme has taken, or will take, in order to meet that qualifying condition. (2) A co-ownership scheme may not rely on this regulation after the earlier of— (a) the end of the 12 month period, (b) the beginning of the day on which it becomes apparent to the operator of the scheme that there is no reasonable expectation of the scheme meeting the ownership requirement within the 12 month period, or (c) the date on which the scheme meets the ownership requirement. (3) Where paragraph (2)(b) applies, the operator of the scheme must notify HMRC of that fact within a period of 30 days, beginning with the day on which that paragraph applies.
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