[102A Co-ownership authorised contractual schemes]
Finance Act 2003 (2003 c 14) | Legislation

[102A  Co-ownership authorised contractual schemes]

[(1)     This section has effect for the purposes of this Part.

(2)     This Part, with the exception of Schedule 7 (see subsection (10)), applies in relation to a co-ownership authorised contractual scheme as if—

(a)     the scheme were a company, and

(b)     the rights of the participants were shares in the company.

(3)     An “umbrella COACS” means a co-ownership authorised contractual scheme—

(a)     whose arrangements provide for separate pooling of the contributions of the participants and the profits or income out of which payments are made to them (“pooling arrangements”), and

(b)     under which the participants are entitled to exchange rights in one pool for rights in another.

(4)     A “sub-scheme”, in relation to an umbrella COACS, means such of the pooling arrangements as relate to a separate pool.

(5)     Each of the sub-schemes of an umbrella COACS is regarded as a separate co-ownership authorised contractual

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