General modification—unit of authorised unit trust
7.—(1) Subject to paragraphs (2) and (3), the modifications specified in this regulation are that—
(a)references, however expressed, in the Tax Acts and the 1992 Act to—
(i)a unit or an interest in, or rights under, an authorised unit trust,
(ii)a unit or an interest in, or rights under, a unit trust scheme within regulation 5(1)(b), or
(iii)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 5(1)(b),
shall have effect as if they included references to a share in the open-ended investment company concerned;
(b)references, however expressed, in the Tax Acts and the 1992 Act to the holder of a unit within paragraph (a) (other than references in a definition of a unit holder) shall have effect as if they included references to the owner of a share in the open-ended investment company concerned.
(2) Paragraph (1) shall not apply 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.
(3) Paragraph (1) shall in addition not apply to references in any of the provisions specified in paragraph (4).
(4) The provisions specified are—
(a)section 468(1), (8) and (9);
(b)section 468L(9)(d) and (10);
(c)the definition of “company” in section 839(8);
(d)paragraph 6 of Schedule 20;
(e)paragraph 8 of Schedule 10 to the Finance Act 1996;
(f)sections 99(1), 117B(3)(a)(1) and 272(5) of the 1992 Act.
Section 117B was inserted by paragraph 62 of Schedule 14 to the Finance Act 1996.