Authorised contractual schemes
Authorised contractual schemes (ACS) are UK tax-transparent collective investment schemes. An ACS is not a taxable entity and is not within the charge to direct taxes. Each participant is responsible for tax arising on their own share of income (and for partnership ACS gains) at their own rates of tax. It is the participant who is entitled to claim any available capital allowances.
The consultation document published on 9 August 2016 sought views on:
· how capital allowances rules apply to taxable investors in ACS;
· new information requirements; and
· any other improvements.
Legislation in Finance Bill 2017 will introduce a new elective regime permitting the operator of a co-ownership ACS to compute capital allowances and allocate them to investors for accounting periods beginning on or after 1 April 2017.
The government will legislate to require the operator of a co-ownership ACS (CoACS)...
