Taxation of Chargeable Gains Act 1992 Schedule 5AAA paragraph 34

Disapplication of paragraph 3A of Schedule 7AC: qualifying institutional investors

Paragraph 34 of Schedule 5AAA prevents qualifying institutional investors from benefiting twice — once under the fund exemption rules and again under the substantial shareholding exemption — by requiring their ownership to be ignored for the purposes of the Schedule 7AC exemption where that ownership runs through the same intermediate company that already gives rise to a partial exemption.