Section 99A | Treatment of umbrella schemes ^F1

(1)In this section an “umbrella scheme” means a relevant collective investment scheme—^F1F2

(a)which provides arrangements for separate pooling of the contributions of the participants and the profits or income out of which payments are to be made to them, and^F1

(b)under which the participants are entitled to exchange rights in one pool for rights in another,^F1

and any reference to a part of an umbrella scheme is a reference to such of the arrangements as relate to a separate pool.

(2)For the purposes of this Act (except subsection (1) and section 103C)—^F1F3

(a)each of the parts of an umbrella scheme shall itself be regarded as a collective investment scheme of the same form as the umbrella scheme as a whole, and^F1F3

(b)the umbrella scheme as a whole shall not be regarded as a collective investment scheme of that form or as any other form of collective investment scheme,^F1F3

and the participants in the umbrella scheme are to be treated accordingly.

(2A)Subsection (2)—^F1F3

(a)does not prevent gains or losses accruing to an umbrella scheme which is a unit trust scheme (other than an authorised unit trust) being regarded as gains or losses accruing to the umbrella scheme as a whole, and^F1F3

(b)does not apply for the purposes of section 100(2).^F1F3

(3)Repealed^F4F1

(4)Nothing in subsection (2) shall prevent—^F1F5

(a)gains accruing to an umbrella scheme being regarded as gains accruing to an authorised unit trust for the purposes of section 100(1) (exemption for authorised unit trusts etc);^F1

(b)a transfer of business to an umbrella scheme being regarded as a transfer to a unit trust scheme for the purposes of section 139(4) (exclusion of transfers to authorised unit trusts etc);^F1F6

(c)Repealed^F7F1

(5)For the purposes of subsection (1), “arrangements” includes arrangements provided in a company’s instrument of incorporation.^F1F8

(6)In this section, “relevant collective investment scheme” means a collective investment scheme which is—^F1F8

(a)an authorised contractual scheme which is a co-ownership scheme,^F1F8

(aa)a Reserved Investor Fund (Contractual Scheme),^F1F8F9

(b)a unit trust scheme, or^F1F8

(c)an offshore fund.^F1F8