PART 7CONSEQUENTIAL AMENDMENTS AND MODIFICATIONS OF ENACTMENTS
CHAPTER 3MODIFICATIONS OF TCGA 1992
General modifications of TCGA 1992
General modifications: introduction99
The modifications specified in regulations 100 to 104 have effect subject to the modifications specified in regulations 105 to 110.
General modification: authorised unit trust100
1
The modifications specified in this regulation are that references, however expressed, in TCGA 1992 to—
a
an authorised unit trust (other than references in a definition of an authorised unit trust, an unauthorised unit trust or a unit trust scheme),
b
a unit trust scheme as denoting or including (whether expressly or by implication) an authorised unit trust (other than references in a definition of an authorised unit trust, an unauthorised unit trust or a unit trust scheme),
c
the trustees of an authorised unit trust within sub-paragraph (a) or of a unit trust scheme within sub-paragraph (b),
have effect as if they included references to an open-ended investment company.
2
Paragraph (1) does not apply—
a
to references in any of the provisions specified in paragraph (3), or
b
to references to provisions which include reference, whether made expressly or by implication, to an open-ended investment company.
3
The provisions specified are—
a
section 99(1) (application of Act to unit trust scheme),
F1b
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
c
section 100(2) (exemption for units in unit trust scheme), and
d
section 272(5) (valuation of rights of unit holders).
General modification: manager of authorised unit trust101
1
The modifications specified in this regulation are that references, however expressed, in TCGA 1992 to the manager of an authorised unit trust or of a unit trust scheme within regulation 100(1)(b) have effect as if they included references to the authorised corporate director of the open-ended investment company concerned.
2
Paragraph (1) does not apply—
a
to section 272(5) (valuation of rights of unit holders), or
b
to references in provisions which include reference, whether made expressly or by implication, to the authorised corporate director of an open-ended investment company.
General modification: unit in authorised unit trust102
1
The modifications specified in this regulation are that references, however expressed, in TCGA 1992 to—
a
a unit or an interest in, or rights under, an authorised unit trust,
b
a unit or an interest in, or rights under, a unit trust scheme within regulation 100(1)(b), or
c
an entitlement to a share of, or in, the investments subject to the trusts of an authorised unit trust or a unit trust scheme within regulation 100(1)(b),
have effect as if they included references to a share in the open-ended investment company concerned.
2
Paragraph (1) does not apply—
a
to section 99(1) (application of Act to unit trust scheme),
F2b
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
c
to section 272(5) (valuation of rights of unit holders), or
d
to references in provisions which include reference, whether made expressly or by implication, to shares in, or an owner of shares in, an open-ended investment company.
General modification: accumulation units in authorised unit trusts103
1
The modifications specified in this regulation are that references, however expressed, in TCGA 1992 to accumulation units in an authorised unit trust or in a unit trust scheme within regulation 100(1)(b) have effect as if they included references to accumulation shares in an open-ended investment company.
2
In paragraph (1) “accumulation shares in an open-ended investment company” means shares in the company in respect of which income is credited periodically to the capital part of the scheme property of the company.
General modification: holder of unit in authorised unit trust104
1
The modifications specified in this regulation are that references, however expressed, in TCGA 1992 to the holder of a unit within regulation 102(1) (other than references in a definition of a unit holder) have effect as if they included references to the owner of a share in the open-ended investment company concerned.
2
Paragraph (1) does not apply—
a
to section 99(1) (application of Act to unit trust scheme),
F3b
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
c
to section 272(5) (valuation of rights of unit holders), or
d
to references in provisions which include reference, whether made expressly or by implication, to shares in, or an owner of shares in, an open-ended investment company.