Taxation of Chargeable Gains Act 1992 Schedule 5AAA paragraph 47

Other definitions

Paragraph 47 of Schedule 5AAA provides key definitions used throughout the Schedule relating to UK property-rich collective investment vehicles, including terms for REITs, tax treaties, land interests, fund managers, and the distinction between direct and indirect disposals of UK land.

• Defines "company UK REIT", "principal company of a group UK REIT", and "double taxation arrangements" by reference to existing tax legislation
• Defines "the manager" of a collective investment vehicle as the person who manages or has day-to-day control of the vehicle's property, and "prospectus" as any document made available to investors describing the vehicle's investments
• A "direct disposal of UK land" means disposing of an interest in UK land itself, while an "indirect disposal" means disposing of an asset that derives at least 75% of its value from UK land
• Whether an asset derives at least 75% of its value from UK land is determined in accordance with the rules in Part 2 of Schedule 1A to the Act