Revenue Note for Guidance
This section defines a ‘personal portfolio IREF’ and the implications for certain pension schemes, investment undertakings or life assurance companies of holding units in a personal portfolio IREF. A PPIREF, in respect of a unit holder, is an IREF which is controlled or directed by that unit holder.
(1) A PPIREF is an IREF under the written or implied terms of which the selection of the IREF assets or the conduct of the IREF business may be influenced by the unit holder. In order to prevent the unit holder’s power to influence the IREF being cloaked, an IREF will also be a PPIREF if the ability to influence the IREF rests with:
(2) A number of situations are deemed to be the terms of the IREF permitting the unit holder, or one of the wider group of persons to whom subsection (1) applies, to select the IREF assets or influence the IREF business.
(3) Whether or not an IREF is a PPIREF of a pension scheme, investment undertaking or life assurance company is relevant to determining whether or not that pension scheme, undertaking or company is a specified person or not. The test as to whether or not the pension scheme, undertaking or company is a specified person is applied at two levels.
Relevant Date: Finance Act 2019