IFM09250 | Eligibility criteria: Restriction condition: UK property rich condition - Regulation 12

A co-ownership scheme meets the UK property rich condition if it is ‘UK property rich’ for the purposes of Para 3, of Schedule 5AAA to TCGA 1992 (CG73996R).

This is subject to Regulation 12(1)(b) and (2), so that where a scheme relies on meeting the non-close condition for the purposes of qualifying as a RIF (IFM09230), it must also meet the ‘UK tax condition’ in paragraph 13(7) of Schedule 5AAA to TCGA 1992 (CG73998V), applying those rules on the assumption that the scheme were a company in which the participators in the scheme held shares.