Commentary

C2.1161 Property rich collective investment vehicles—key definitions

Capital gains tax
Capital gains tax | Commentary

C2.1161 Property rich collective investment vehicles—key definitions

Capital gains tax | Commentary

C2.1161 Property rich collective investment vehicles—key definitions

For the latest New Development, see ND.1809.

Meaning of collective investment vehicle

For the purposes of TCGA 1992, Sch 5AAA, a collective investment vehicle means1:

  1.  

    •     a collective investment scheme (CIS) as defined in FSMA 2000, s 235

  2.  

    •     an Alternative Investment Fund (AIF) as defined in SI 2013/1773, reg 3

  3.  

    •     a company which is a UK real estate investment trust (REIT) under CTA 2010, Pt 12 or (from 10 April 2020) is the principal company of a group UK REIT

  4.  

    •     a non-UK resident company that is not a member of a group2 that meets the requirements of the 'property income condition—non-group company' below (broadly, entities that are similar in nature to UK REITs)

  5.  

    •     a non-UK resident company that is the principal company of a group that meets the requirements of the 'property income condition—group company' below and it is not a close company or is only a close company because it has a qualifying investor as a direct or indirect participator3, or

  6.  

    •     a non-UK resident company that is a member of a group but not the principal company, it meets the requirements of the 'property income condition—group company' and is a close company but is only close because it has a qualifying investor, or a company wholly (or 99%) owned by qualifying investors, as a direct participator. Qualifying companies and qualifying funds that are the subject of an exemption election (see C2.1165) are excluded from the definition of qualifying

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