IFM09870 | Umbrella schemes: ceasing to be a reserved investor fund

Regulation 44 modifies Regulation 19 (‘Winding up of a RIF that is UK property rich’) so that it applies to a sub-scheme that ceases to meet the UK property rich condition at a time when the operator of the RIF is taking steps to wind the sub-scheme up. Regulation 26, which deals with the timing of gains accruing on deemed disposals, is also modified.