36 Co-ownership authorised contractual schemes
Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 (2017 anaw 1) | Legislation

36  Co-ownership authorised contractual schemes

(1)     This Act (with the exception of the provisions mentioned in subsection (9)), and TCMA as it applies in relation to land transaction tax, apply 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.

(2)     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.

(3)     A “sub-scheme”, in relation to an umbrella COACS,

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