The Government has introduced in Parliament the draft Collective Investment in Transferable Securities (Contractual Scheme) Regulations 2013. These Regulations create a new, tax transparent, fund vehicle for the UK. These funds will be constituted as contractual funds and will take the form of co-ownership schemes or limited partnerships. (Source: The Collective Investment in Transferable Securities (Contractual Scheme) Regulations 2013, Draft Statutory Instrument)