[103D Application of Act to tax transparent funds]
Taxation of Chargeable Gains Act 1992 (1992 c 12) | Legislation

[103D  Application of Act to tax transparent funds]

[(1)     For the purposes of this section—

“tax transparent fund” means—

(a)     an authorised contractual scheme which is a co-ownership scheme, or

(b)     an offshore fund that is a transparent fund within the meaning given by regulation 11 of the Offshore Funds (Tax) Regulations 2009, and

“fund property”, in relation to a tax transparent fund, means the property subject to the fund.

(2)     For the purposes of this Act—

“authorised contractual scheme” has the meaning given by section 237(3) of the Financial Services and Markets Act 2000, and

“co-ownership scheme” has the meaning given by section 235A of that Act.

(3)     A unit in a tax transparent fund is treated as an asset for the purposes of this Act, and, accordingly, a participant's interest in the fund property is disregarded for those purposes.

[(3A)     But if a participant

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