Part 14 Transparent Funds
Finance Act 2021 (2021 c 26) | Legislation

Part 14 Transparent Funds

35

(1)     Part 6A of TIOPA 2010 is amended as follows.

(2)     In section 259A (overview of Part), after subsection (17) insert—

“(17A)     Chapter 13A makes provision about the application of Chapters 3, 4, 5, 7, 9 and 11 in cases involving transparent funds (within the meaning of that Chapter).”

(3)     After Chapter 13 insert—

“Chapter 13A
Special Provision Concerning Transparent Funds

259MA Meaning of “transparent fund”

(1)     In this Chapter “transparent fund” means a collective investment scheme, or an AIF (that is not a collective investment scheme), if—

(a)     were all of the profits or income of the fund to arise from sources inside the United Kingdom and

(b)     were all of its participants within the charge to income tax,

its profits or income would be profits or income of its participants for the purposes of that tax.

(2)     In this section—

“AIF” has the meaning given by regulation 3 of the Alternative Investment Fund Managers Regulations 2013 (SI 2013/1773);

“collective investment scheme” has the meaning given by section 235 of the Financial Services and Markets Act 2000;

“participant”, in relation to a transparent fund, means a person who—

(a)     takes part in the arrangements

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