Section 528ZB | Genuine diversity of ownership condition

(1)Repealed

(2)A collective investment scheme meets the genuine diversity of ownership condition at any time if, at that time, the scheme meets or, if the scheme is part of multi-vehicle arrangements, the arrangements meet—

(a)the conditions in regulation 75(2), (3) and (4)(a) of the Offshore Funds (Tax) Regulations 2009 (S.I. 2009/3001), or

(b)the condition in regulation 75(5) of those Regulations (assuming for this purpose that regulation 75(4)(b) is omitted),

....

(2A)For the purposes of subsection (2), those Regulations have effect as if references to a fund included—

(a)multi-vehicle arrangements, and

(b)a collective investment scheme which is not an offshore fund.

(3)For the purposes of determining whether a collective investment scheme meets the genuine diversity of ownership condition as mentioned in subsection (2), the fact that (for any reason) the capacity of the scheme to receive investments is limited does not prevent regulation 75(3) of the Offshore Funds (Tax) Regulations 2009 (including as it applies for the purposes of regulation 75(5) of those Regulations) from being met.

(4)Subsection (3) does not apply if—

(a)the limited capacity of the scheme to receive investments is fixed by the documents of the scheme (or otherwise), and

(b)a pre-determined number of specific persons, or specific groups of connected persons, make investments in the scheme that collectively exhaust all, or substantially all, of that capacity.

(5)Repealed

(6)Where the collective investment scheme is part of multi-vehicle arrangements, subsections (3) to (5) apply as if references to “the scheme” included the multi-vehicle arrangements.

(7)In this section —

“collective investment scheme” has the meaning it has in section 235 of FISMA 2000;

“multi-vehicle arrangements” means arrangements comprising two or more schemes under which an investor in one of those schemes would reasonably regard that investment as an investment in the arrangements as a whole rather than exclusively in any particular scheme.