Commentary

C2.1168 Property rich collective investment vehicles—ceasing to meet the exemption election requirements

Capital gains tax
Capital gains tax | Commentary

C2.1168 Property rich collective investment vehicles—ceasing to meet the exemption election requirements

Capital gains tax | Commentary

C2.1168 Property rich collective investment vehicles—ceasing to meet the exemption election requirements

Where a qualifying fund or qualifying company (see C2.1165) ceases to meet the conditions required for the exemption election as set out under TCGA 1992, Sch 5AAA, para 12(2) and (3), the election ceases to have effect for disposals made on or after that date1.

A deemed disposal and reacquisition by the investors (including those that are UK resident) of their interests in the CIV (or company) will also generally be triggered but this is subject to the following exceptions2:

  1.  

    (a)     the period during which applicable exemption conditions are not met is temporary and does not

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