(1) The Treasury may by regulations make provision for exempting single property schemes from section 238(1).
(2) For the purposes of subsection (1) a single property scheme is a scheme which has the characteristics mentioned in subsection (3) and satisfies such other requirements as are prescribed by the regulations conferring the exemption.
(3) The characteristics are -
(a) that the property subject to the scheme (apart from cash or other assets held for management purposes) consists of -
(i) a single building (or a single building with ancillary buildings) managed by or on behalf of the operator of the scheme, or
(ii) a group of adjacent or contiguous buildings managed by him or on his behalf as a single enterprise,
with or without ancillary land and with or without furniture, fittings or other contents of the building or buildings in question; and
(b) that the units of the participants in the scheme are either dealt in on a recognised investment exchange or offered on terms such th
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