[F199AAuthorised unit trusts: treatment of umbrella schemesU.K.
(1)In this section an “umbrella scheme” means an authorised unit trust—
(a)which provides arrangements for separate pooling of the contributions of the participants and the profits or income out of which payments are to be made to them, and
(b)under which the participants are entitled to exchange rights in one pool for rights in another,
and any reference to a part of an umbrella scheme is a reference to such of the arrangements as relate to a separate pool.
(2)For the purposes of this Act (except subsection (1))—
(a)each of the parts of an umbrella scheme shall be regarded as an authorised unit trust, and
(b)the scheme as a whole shall not be regarded as an authorised unit trust or as any other form of collective investment scheme.
(3)In this Act, in relation to a part of an umbrella scheme, any reference to a unit holder is to a person for the time being having rights in the separate pool to which the part of the umbrella scheme relates.
(4)Nothing in subsections (2) or (3) shall prevent—
(a)gains accruing to an umbrella scheme being regarded as gains accruing to an authorised unit trust for the purposes of section 100(1) (exemption for authorised unit trusts etc);
(b)a transfer of business to an umbrella scheme being regarded as a transfer to an authorised unit trust for the purposes of section 139(4) (exclusion of transfers to authorised unit trusts etc);
F2(c). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ]
Textual Amendments
F1S. 99A inserted (with effect in accordance with s. 118(5) of the amending Act) by Finance Act 2004 (c. 12), s. 118(3)
F2S. 99A(4)(c) repealed (6.4.2006) by Finance Act 2004 (c. 12), Sch. 42 Pt. 3 (with Sch. 36)