17In section 447 (partnerships and other transparent entities), for subsection (6) substitute—
“(6)For the purposes of this section an entity is “transparent” if—
(a)it is not chargeable to corporation tax or income tax as a person (ignoring any exemptions), or
(b)it is a collective investment vehicle which is “transparent for income tax purposes” for the purposes of paragraph 8 of Schedule 5AAA to TCGA 1992 (see paragraph 8(7) of that Schedule).”