(1)Gains accruing to an authorised unit trust, an investment trust [F1a venture capital trust] or a court investment fund shall not be chargeable gains.
(2)If throughout a year of assessment all the issued units in a unit trust scheme (other than an authorised unit trust) are assets such that any gain accruing if they were disposed of by the unit holder would be wholly exempt from capital gains tax or corporation tax (otherwise than by reason of residence) gains accruing to the unit trust scheme in that year of assessment shall not be chargeable gains.
(3)In this Act “court investment fund” means a fund established under section 42 of the M1Administration of Justice Act 1982.
Textual Amendments
F1Words in s. 100(1) inserted (with effect in accordance with s. 72(8) of the amending Act) by Finance Act 1995 (c. 4), s. 72(2)
Marginal Citations