CG73996P - UK property rich collective investment vehicles: Key definitions and terms: Meaning of 바카라 사이트˜offshore collective investment vehicle바카라 사이트™
The rules in Schedule 5AAA have effect for particular purposes according to whether a CIV is an 바카라 사이트˜offshore collective investment vehicle바카라 사이트™ and whether it is 바카라 사이트˜UK property rich바카라 사이트™. These key terms are defined in paragraphs 2 and 3 of the Schedule (respectively).
Parts of Schedule 5AAA have relevance even where a CIV is not an 바카라 사이트˜offshore CIV바카라 사이트™ 바카라 사이트“ for example, as regards the treatment of non-resident investors in UK REITs or UK property authorised investment funds (PAIFs).
Offshore collective investment vehicle
The meaning of an offshore CIV is in TCGA92/SCH5AAA/para 2(1) and is any CIV, as defined in TCGA92/SCH5AAA/para 1(1) (see CG73996N), where 바카라 사이트“
- if it is a body corporate, it is resident outside of the UK;
- if it is a unit trust, all of the trustees are resident outside of the UK; and
- if it is a co-ownership arrangement, the arrangements take effect as a result of the law of a territory outside of the UK (the term co-ownership is not restricted to having any particular meaning in UK law; as examples, it would include Luxembourg or French fonds commun du placement (FCPs), and Irish common contractual funds (CCFs)).
This is a key concept as (subject to applicable conditions) only an offshore CIV can be the subject of an election for transparency or exemption 바카라 사이트“ see CG73997P and CG73998J respectively. Note, though, that limited partnership collective investment schemes, including UK LPs, and UK co-ownership authorised contractual schemes (CoACS), can make an exemption election in respect of companies in their ownership chain, which are not CIVs themselves - see CG73998S.