Taxation of Chargeable Gains Act 1992 Schedule 5AAA paragraph 5

Units in a CoACS treated as shares in a company

Paragraph 5 of Schedule 5AAA provides that units in a co-ownership authorised contractual scheme (CoACS), where those units are treated as assets under the tax transparency rules, are to be treated as shares in a company for the purposes of Schedule 1A.

• This rule applies specifically to units in an authorised contractual scheme that is structured as a co-ownership scheme (CoACS).
• It only applies where the unit is already treated as an asset under the tax transparency provisions of section 103D.
• Where the rule applies, the unit is treated as if it were a share in a company for the purposes of Schedule 1A.
• This treatment ensures that the capital gains rules applicable to shares under Schedule 1A can be applied consistently to CoACS units.