18(1)Section 454A (investments held by investment managers) is amended as follows.
(2)In subsection (1)(a), for “is a member of a worldwide group” substitute “would, apart from this section, be a member of a worldwide group”.
(3)After subsection (1) insert—
“(1A)Except in a case within subsection (2), for the purposes of this Part—
(a)the group does not include S (or its subsidiaries), and
(b)accordingly, none of those entities is regarded as a consolidated subsidiary of any member of the group.”
(4)In subsection (2), for “For the purposes of this Part” substitute “Where S is a partnership or another transparent entity, for the purposes of this Part”.