IFM10120 - What is a collective investment scheme?

The UUT Regulations (SI 2013/2819) rely on the definition of a collective investment scheme in section 235 of the Financial Services and Markets Act 2000. The definition expects that there would be multiple investors for the arrangements to constitute a collective investment scheme. HMRC accepts that there can be a collective investment scheme where the units in the UUT are held by a single person or entity who is acting as nominee for multiple investors who are beneficially entitled to receive income or capital gains.