Authorised contractual scheme (ACS)
A regulated, UK domiciled, tax transparent vehicle established under the Collective Investment in Transferable Securities (Contractual Scheme) Regulations 2013 (SI 2013/1388). An ACS can be established as a co-ownership scheme or a limited partnership scheme and may be a:
Non-UCITS retail scheme (NURS).
Qualified investor scheme (QIS).
The introduction of ACSs was announced in the 2011 Budget, at which time the vehicle was referred to as a tax transparent fund (TTF). For the tax treatment of an ACS, see Practice note, Authorised contractual schemes: tax ( www.practicallaw.com/1-548-6487) .