[F195.—(1) FA 1996 is modified as follows.
(2) In paragraph 4 of Schedule 10 (loan relationships: collective investment schemes: company holdings in unit trusts and offshore funds)—
(a)in sub-paragraph (1)(a) the words “, open-ended investment company” are treated as inserted after the words “unit trust scheme”,
(b)in sub-paragraph (1)(b) the word “, company” is treated as inserted after the word “scheme”,
(c)in sub-paragraph (4) the words “or open-ended investment company” are treated as inserted after the words “authorised unit trust”,
(d)in sub-paragraph (5) the words “scheme, fund or open-ended investment company” are treated as substituted for the words “scheme or fund”, and
(e)the following sub-paragraph is treated as inserted at the end—
“(7) In this paragraph “open-ended investment company” has the same meaning as in sub-paragraph (7A)(b) of paragraph 8 below; and sub-paragraphs (7A) to (7D) of that paragraph apply for the purposes of this paragraph as they apply for the purposes of paragraph 8.”.
(3) In paragraph 8 of Schedule 10 (loan relationships: collective investment schemes: non-qualifying investments test)—
(a)in sub-paragraph (1)—
(i)the words “, open-ended investment company” are treated as inserted after the words “unit trust scheme”, and
(ii)the word “, company” is treated as inserted after the words “investments of the scheme”;
(b)in sub-paragraph (2)—
(i)the words “, open-ended investment company” are treated as inserted after the words “unit trust scheme”, and
(ii)the word “, company” is treated as inserted after the words “investments of the scheme”.]
Textual Amendments
F1Reg. 95 substituted (30.6.2008) by The Authorised Investment Funds (Tax) (Amendment No. 2) Regulations 2008 (S.I. 2008/1463), regs. 1, 2