Member

88Y: Clause 40, page 46, leave out lines 3 to 16 and insert— “(4) In this section “qualifying asset” means an asset of a prescribed description that is held in a main default fund of a relevant Master Trust or group personal pension scheme. (5) A description of asset may be prescribed under subsection (4) only if it represents a direct or indirect holding in any of the following asset classes— (a) private equity; (b) venture capital; (c) private credit; (d) interests in land; (e) infrastructure; (f) unlisted equity securities not falling within paragraphs (a) to (e). In this subsection “unlisted equity securities” means equity securities not listed on a recognised stock exchange within the meaning of the Income Tax Acts (see section 1005 of the Income Tax Act 2007) (including equity securities admitted to trading that are not listed on such an exchange).”