General modifications of TCGA 1992U.K.
General modifications: introductionU.K.
99. The modifications specified in regulations 100 to 104 have effect subject to the modifications specified in regulations 105 to 110.
General modification: authorised unit trustU.K.
100.—(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),
F1(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(c)section 100(2) (exemption for units in unit trust scheme), and
(d)section 272(5) (valuation of rights of unit holders).
Textual Amendments
General modification: manager of authorised unit trustU.K.
101.—(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 trustU.K.
102.—(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),
F2(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(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.
Textual Amendments
General modification: accumulation units in authorised unit trustsU.K.
103.—(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) “” 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 trustU.K.
104.—(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),
F3(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(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.
Textual Amendments