IFM09245 - Eligibility criteria: Restriction condition: Non-UK property assets condition - Regulation 11
A co-ownership scheme meets the non-property assets condition if it satisfies both the following criteria:
- it has no assets that are interests in UK land
- it has no assets that derive 75% or more of their value from UK land, except for interests described in the following paragraph
This type of RIF will be suitable where the investment strategy of the RIF is to invest in assets other than UK property. When assessing whether the condition is met, Regulation 11(2) provides, in broad terms, that a less than 10% interest in certain UK property rich collective investment vehicles will be a non-UK property asset, where it is held by a scheme that meets the non-UK real estate condition at Regulation 11(3). That condition is that, broadly, the scheme is intended to have only a small exposure to investments consisting of rights or interests in companies which are themselves UK property rich, as evidenced in its prospectus.
For guidance on the following terms see: