SCHEDULE 7 Real Estate Investment Trusts
Finance Act 2024 (2024 c 3) | Legislation

SCHEDULE 7 Real Estate Investment Trusts

Section 8

Amendment of CTA 2010

1

CTA 2010 is amended in accordance with paragraphs 2 to 10.

CoACS to be institutional investors

2

In Section 528 (conditions for company), in subsection (4A), after paragraph (b) insert—

“(ba)     a person acting on behalf of an authorised contractual scheme (within the meaning given by section 237(3) of FISMA 2000) which is a co-ownership scheme (within the meaning given by section 235A of that Act) that meets the genuine diversity of ownership condition or the non-close condition;â€.

Non-close condition

3

(1)     Section 528 is amended as follows.

(2)     In subsection (4)—

(a)     in the words before paragraph (a), after “company†insert “meets the non-close condition.â€, and

(b)     omit paragraphs (a) and (b).

(3)     After subsection (4B) insert—

“(4C)     The non-close condition is met—

(a)     in relation to a company, if—

(i)     it is not a close company, or

(ii)     it is a close company but only because it has an institutional investor as a direct or indirect participator, and

(b)     in relation to a person or scheme other than a company, if it would fall within paragraph (a)(i) or (ii) if—

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