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Qualified investor schemes

18 December 2008
Categories: News , Admin , Investments
HMRC draft guidance provided

HMRC have published draft guidance relating to qualified investors schemes which are a form of authorised investment fund only available to institutional and sophisticated investors.

It explains the new 'genuine diversity of ownership' ('GDO') condition introduced by secondary legislation SI 2008/3159 which was laid on 11 December 2008 and takes effect from 1 January 2009.

The new rule ensures that these schemes are genuine pooled investment schemes rather than arrangements designed to take advantage of the special tax benefits of an authorised investment fund that may in reality be closely held investments for the benefit of a few individuals.

The draft guidance will be inserted into HMRC’s Company Taxation Manual at CTM48700. It covers six new pages CTM48710 to CTM48735 and amends pages CTM48705 48740 and 48755.

The existing pages at CTM48740 to CTM48790 are only relevant for the tax year 2008-09 after which they...

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