The following Private Client practice note provides comprehensive and up to date legal information covering:
FORTHCOMING CHANGE relating to property rich collective investment vehicles and certain investors: HMRC consulted until 16 December 2020 on draft regulations that will amend provisions in Finance Act 2019 relating to collective investment vehicles (CIVs). The draft regulations provide for non-UK resident life assurance companies and non-UK resident, non-UK property rich CIVs, with less than a 10% interest in UK property rich CIVs (wherever resident), to be treated as not holding a substantial indirect interest in the CIV (subject to certain conditions). The aim is to remove disproportionate administrative burdens for such investors. This change is to have retrospective effect from 6 April 2019. The draft regulations also contain provisions to correct minor errors in the legislation without changing the way the relevant rules operate. These provisions are to have effect from the commencement date of the regulations (expected to be in April 2021).
On 6 July 2018, the government published draft legislation to be included in Finance Bill 2019 (formally the Finance (No 3) Bill 2017–19, but also known as Finance Bill 2018–19) (FB 2019). The draft legislation was subject to public consultation until 31 August 2018. It was introduced in revised form to Parliament as part of FB 2019 on 7 November 2018, following Budget 2018 on 29 October 2018. Following minor amendments at committee stages, the Finance Act 2019 (FA 2019) received
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