As its name suggests, a pooled investment vehicle (PIV), sometimes called a pooled fund, is an investment fund raised by pooling small investments from a large number of individuals.What makes a car a pooled car in the UK?
A car only qualifies as a pooled car if all the following conditions are satisfied: (a) It’s available to, and actually used by, more than one employee. (b) It’s made available, in the case of each of those employees, by reason of their employment.When does merely incidental to apply to pooled cars?
The definition in chapter 1 paragraphs 1.7 and 1.8 does not apply in connection with pooled cars. The expression ‘merely incidental to’ imposes a qualitative rather than a quantitative test. The use of a car for what is primarily a business journey but embracing some limited private use would be within the terms of (b) in paragraph 15.1 above.Why are pooled vehicles used in captive management?
This notion can be challenged upon the basis that pooled vehicles are commonly used to constructdiscretionary mandates for smaller to medium-sized captives. Using this model brings efficiencies of cost, scale and reporting to captives, captive managers and fund managers.