Taxation of Chargeable Gains Act 1992 Schedule 5AZA paragraph 1

Introductory

Schedule 5AZA paragraph 1 introduces the definition of "scheme of reconstruction" as used in sections 103H and 103I, which deal with collective investment scheme reconstructions.

• The term "scheme of reconstruction" is defined specifically for sections 103H (reconstruction involving issue of units) and 103I (reconstruction involving conversion).
• A scheme of reconstruction must take the form described in paragraph 2 of Schedule 5AZA.
• The scheme must also satisfy two further conditions set out in paragraphs 3 and 4, relating to the issue of units and equal entitlement to new units.
• All three requirements — the form of the scheme plus both conditions — must be met for a scheme to qualify as a "scheme of reconstruction" under these provisions.