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Before making an election, you should read the legislation in .

Who can make the election

You must be the fund manager or authorised to act on behalf of the fund manager to make an exemption election on behalf of a fund.

The fund must be a collective investment vehicle and one of the following:

• a unit trust
• an open-ended investment company
• a contractual arrangement
• a body corporate

Qualifying conditions

To , the fund must be UK property rich (75% or more of the value of the assets disposed of derives from UK land) and meet one or more of the following:

• genuine diversity of ownership condition
• recognised stock exchange and non-close conditions
• UK tax and non-close conditions

What you鈥檒l need

You鈥檒l need the:

• fund鈥檚 name, tax residence or place of establishment, and registered address
• fund鈥檚 UK Unique Taxpayer Reference (UTR), if held
• name, address and percentage owned by the fund for each entity covered by the election 鈥� if the election covers more than 5 entities you鈥檒l need to upload these details in a document

For each fund participant with one or more relevant disposals made on or after 6 April 2019, you鈥檒l need to provide their:

• name
• date of birth
• address
• UK UTR, if held
• total relevant disposal value
• total capital gain
• total capital loss

If you are providing disposal details for more than 5 fund participants, you鈥檒l need to upload these details in a document.

Make the election

To make the election you鈥檒l need to either:

• sign in with the Government Gateway user ID and password (if you do not have a user ID, you can create one when you first try to sign in)
• use your email address to get a confirmation code that you can use to sign in

After you have made the election

You鈥檒l receive a confirmation email to let you know that we have received your form.

You鈥檒l need to register for the Secure Data Exchange Service (SDES) and send exemption election reports to HMRC.