
1 

(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.
2 
In these Regulations—
 “the Act” means the Financial Services and Markets Act 2000;
 “RIF” has the meaning given by section 20(1) (collective investment schemes: co-ownership schemes) of the Finance (No. 2) Act 2024;
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(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)).
(b) any reference to an “umbrella co-ownership scheme” is to be treated as a reference to a RIF that satisfies the conditions in section 237(6)(b) and (c) of the Act.
(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.
Nicholas Dakin 
Jeff Smith
Two of the Lords Commissioners of His Majesty's Treasury
25th February 2025