Introduction Details of the Sections Section 98 - Collective Investment Schemes: liability for and collection of tax
22.Subsection (1) applies subsection 2 where the single dwelling interest is held for the purposes of a collective investment scheme.
23.Subsection (2) states that the major participants in the scheme on the first day in a chargeable period that it is within the charge to the tax are jointly and severally liable for the tax charged in relation to the single-dwelling interest.
24.Subsection (3) limits the amount of liability in relation to any participant to the limit of the market value of their holding in the scheme.
25.Subsection (4) defines holdings as the participant’s interests or rights in the scheme.
26.Subsection (5) states that tax charged may be recovered from any depositary of a scheme, limited to the value of any property held by the scheme in the depositary.
27.Subsection (6) provides that the depository may retain out of any money in the scheme property it holds sufficient funds to pay any tax due and that the depository will also have a right of reimbursement against the participants in the scheme for any tax it has paid (whether my way of retention out of the scheme property or otherwise).
28.Subsection (7) defines “depositary” and “participant” as they are defined in the Financial Services and Markets Act 2000.