[Part 3 Election for Transparency]
Taxation of Chargeable Gains Act 1992 (1992 c 12) | Legislation

[Part 3 Election for Transparency]

[Election for collective investment vehicle to be treated as partnership

8

(1)     This paragraph applies to an offshore collective investment vehicle—

(a)     which is UK property rich, and

(b)     which is transparent for income tax purposes otherwise than as a result of being constituted by two or more persons carrying on a trade or business in partnership.

(2)     The manager of the vehicle may make an election for the vehicle to be treated for the purposes of—

(a)     this Act, and

(b)     the Management Act, and any other provision of the Corporation Tax Acts, so far as relating to the taxation of chargeable gains,

as if, in relation to all times on and after its constitution, it were to be regarded as a partnership.

(3)     Accordingly, as a result of sub-paragraph (2)(b), it follows that, in applying rules such as section 1154 of CTA 2010 (meaning of “75% subsidiary†etc) for the purposes of Part 12 of that Act (Real Estate Investment Trusts) so far as relating to the taxation of chargeable gains, the vehicle is to be regarded as a partnership.

[(4)     Section 12AA of the Management Act applies

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