IFM09230 | Eligibility criteria: Ownership conditions: Non-close condition - Regulation 8

For RIF purposes, Regulation 8 applies the close company rules in Chapter 2 of Part 10 CTA 2010 as if the co-ownership scheme were a company and the participants’ rights in the scheme were shares in that company.

The regulation also applies the modifications in paragraph 46(2)(a) to (e) of Schedule 5AAA to TCGA 1992, with a further modification to the voting power test, and uses the Schedule 5AAA meanings of “direct participator”, “indirect participator” and “qualifying investor”. See HMRC manual CG73996Y.