xmlns:atom="http://www.w3.org/2005/Atom" xmlns:atom="http://www.w3.org/2005/Atom"
Modifications etc. (not altering text)
C1Sch. 19 Pt. II excluded (11.5.2001 with effect as mentioned in s. 94(5) of the amending Act) by 2001 c. 9, s. 94(1)-(4)
5(1)The amount of tax chargeable after any reduction under paragraph 4 shall be further reduced if in the relevant two-week period the trust property is invested in both exempt and non-exempt investments.U.K.
(2)The reduction is made by applying the following fraction to that amount—
Where:
N is the average market value of the non-exempt investments over the relevant two-week period, and
E is the average market value of the exempt investments over that period.
(3)In this paragraph “exempt investment” has the same meaning as in section 99(5A)(b) of the M1Finance Act 1986; and “non-exempt investment” means any investment that is not an exempt investment.