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Corporation Tax Act 2010
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Changes over time for: Section 528ZB
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Corporation Tax Act 2010, Section 528ZB is up to date with all changes known to be in force on or before 01 June 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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Revised legislation carried on this site may not be fully up to date. Changes and effects are recorded by our editorial team in lists which can be found in the ‘Changes to Legislation’ area. Where those effects have yet to be applied to the text of the legislation by the editorial team they are also listed alongside the legislation in the affected provisions. Use the ‘more’ link to open the changes and effects relevant to the provision you are viewing.
Changes and effects yet to be applied to the whole Act associated Parts and Chapters:
Whole provisions yet to be inserted into this Act (including any effects on those provisions):
- s. 357CHA omitted by 2024 c. 3 Sch. 2 para. 14(7)
- s. 658(1)(d)(e) inserted by 2010 c. 13 Sch. 6 para. 31 (This amendment not applied to legislation.gov.uk. Sch. 6 para. 31 omitted (retrospective to 6.4.2010) by virtue of Finance Act 2012 (c. 14), s. 52(2) (3))
[F1528ZB[F2Genuine diversity of ownership condition]U.K.
This section has no associated Explanatory Notes
F3(1). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(2)A collective investment scheme meets the genuine diversity of ownership condition at any time if, at that time, [F4the scheme meets or, if the scheme is part of multi-vehicle arrangements, the arrangements meet]—
(a)the conditions in regulation 75(2), (3) and (4)(a) of the Offshore Funds (Tax) Regulations 2009 (S.I. 2009/3001), or
(b)the condition in regulation 75(5) of those Regulations (assuming for this purpose that regulation 75(4)(b) is omitted),
F5....
[F6(2A)For the purposes of subsection (2), those Regulations have effect as if references to a fund included—
(a)multi-vehicle arrangements, and
(b)a collective investment scheme which is not an offshore fund.]
(3)For the purposes of determining whether a collective investment scheme meets the genuine diversity of ownership condition as mentioned in subsection (2), the fact that (for any reason) the capacity of [F7the scheme] to receive investments is limited does not prevent regulation 75(3) of the Offshore Funds (Tax) Regulations 2009 (including as it applies for the purposes of regulation 75(5) of those Regulations) from being met.
(4)Subsection (3) does not apply if—
(a)the limited capacity of the scheme to receive investments is fixed by the documents of the [F8scheme] (or otherwise), and
(b)a pre-determined number of specific persons, or specific groups of connected persons, make investments in the [F8scheme] that collectively exhaust all, or substantially all, of that capacity.
F9(5). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
[F10(6)Where the collective investment scheme is part of multi-vehicle arrangements, subsections (3) to (5) apply as if references to “the scheme” included the multi-vehicle arrangements.
(7)In this section —
[F11“collective investment scheme” has the meaning it has in section 235 of FISMA 2000;]
“multi-vehicle arrangements” means arrangements comprising two or more schemes under which an investor in one of those schemes would reasonably regard that investment as an investment in the arrangements as a whole rather than exclusively in any particular scheme.]]
Textual Amendments
F1Ss. 528ZA, 528ZB inserted (1.4.2022 in relation to accounting periods (within the meaning of Part 12 of CTA 2010) that begin on or after that date) by Finance Act 2022 (c. 3), Sch. 3 paras. 2(3), 6(1)
F2S. 528ZB heading substituted (22.2.2024) by Finance Act 2024 (c. 3), Sch. 7 para. 4(8)(a) (with Sch. 7 para. 5)
F3S. 528ZB(1) omitted (22.2.2024) by virtue of Finance Act 2024 (c. 3), Sch. 7 para. 4(8)(b) (with Sch. 7 para. 5)
F4Words in s. 528ZB(2) substituted (11.7.2023) by Finance (No. 2) Act 2023 (c. 30), Sch. 4 para. 5(2)(a)
F5Words in s. 528ZB(2) omitted (11.7.2023) by virtue of Finance (No. 2) Act 2023 (c. 30), Sch. 4 para. 5(2)(b)
F6S. 528ZB(2A) inserted (11.7.2023) by Finance (No. 2) Act 2023 (c. 30), Sch. 4 para. 5(3)
F7Words in s. 528ZB(3) substituted (11.7.2023) by Finance (No. 2) Act 2023 (c. 30), Sch. 4 para. 5(4)
F8Word in s. 528ZB(4) substituted (11.7.2023) by Finance (No. 2) Act 2023 (c. 30), Sch. 4 para. 5(5)
F9S. 528ZB(5) omitted (22.2.2024) by virtue of Finance Act 2024 (c. 3), Sch. 7 para. 4(8)(c) (with Sch. 7 para. 5)
F10S. 528ZB(6)(7) inserted (11.7.2023) by Finance (No. 2) Act 2023 (c. 30), Sch. 4 para. 5(6)
F11Words in s. 528ZB(7) inserted (22.2.2024) by Finance Act 2024 (c. 3), Sch. 7 para. 4(8)(d) (with Sch. 7 para. 5)
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