Taxation of Chargeable Gains Act 1992 Schedule 5AAA paragraph 4

Application of Act to offshore CIV

Section 4 of Schedule 5AAA sets out how certain offshore collective investment vehicles that are not companies are to be treated as companies for chargeable gains purposes, and how participants' rights are to be treated as shares.

• An offshore CIV that is neither a company nor a partnership is deemed to be a company, and participants' rights are treated as shares in that company, for the purposes of this Schedule and related territorial scope provisions.
• This deemed company treatment does not apply where the CIV has elected for transparency under Part 3 of Schedule 5AAA.
• Where the CIV is a tax transparent fund under section 103D, the deemed company treatment applies but does not override the specific rules for calculating gains on disposal of units or the share pooling rules in sections 103D and 103DA.
• Where this paragraph applies to a CIV, the general unit trust scheme rules in section 99 are switched off for that scheme.