1Citation, commencement and extent#
(1)These Regulations may be cited as the Unauthorised Co-ownership Alternative Investment Funds (Reserved Investor Fund) Regulations 2025.
(2)These Regulations come into force immediately after the Co-ownership Contractual Schemes (Tax) Regulations 2025 come into force.
(3)These Regulations extend to England and Wales, Scotland and Northern Ireland.
3Rights and liabilities of participants#
(1)The following provisions of the Act apply in connection with any unauthorised co-ownership AIF that is a RIF, with the modifications specified in paragraph (2)—
(a)section 261M (contracts);
(b)section 261N (effect of becoming or ceasing to be a participant);
(c)section 261O (limited liability);
(d)section 261P(1) and (2) (segregated liability in relation to umbrella co-ownership schemes).
(2)The modifications are—
(a)any reference to a “stand-alone co-ownership scheme” is to be treated as a reference to a RIF that is not an umbrella co-ownership scheme (interpreted in accordance with sub-paragraph (b)).
(c)any reference to a sub-scheme of an umbrella co-ownership scheme (interpreted in accordance with sub-paragraph (b)) is to be treated as arrangements constituting the scheme so far as they relate to a separate part of property.
(3)The provisions referred to in paragraph (1)(a) to (d), read with the modifications specified in paragraph (2), apply in connection with any unauthorised co-ownership AIF that—
(a)was previously a RIF,
(b)is currently not a RIF, and
(c)is UK-based (see paragraph (4)).
(4)For the purpose of paragraph (3)(c), an unauthorised co-ownership AIF will be “UK-based” if it meets the conditions set out in regulation 6 (a UK-based scheme) of the Co-ownership Contractual Schemes (Tax) Regulations 2025.
Contains public sector information licensed under the Open Government Licence v3.0.