Finance Act 1987

40 Unit trusts: miscellaneous amendments

(1) For section 358 of the Taxes Act there shall be substituted—

“358 Definitions: unit trusts.

In this Act—

• 'authorised unit trust' means, as respects an accounting period, a unit trust scheme in the case of which an order under section 78 of the [1986 c. 60.] Financial Services Act 1986 is in force during the whole or part of the accounting period;

• 'unit holder' means a person entitled to a share of the investments subject to the trusts of a unit trust scheme;

• 'unit trust scheme' has the same meaning as in section 354A of this Act.”.

(2) In section 526(5) of the Taxes Act the following definitions shall be inserted at the appropriate places in alphabetical order—

• “'authorised unit trust' has the meaning given by section 358 of this Act”;

• “" 'unit holder', in relation to a unit trust scheme, has the meaning given by section 358 of this Act”;

• “" 'unit trust scheme' has the same meaning as in section 354A of this Act”.

(3) In section 92 of the [1979 c. 14.] Capital Gains Tax Act 1979, for the words from the beginning of the section to the end of paragraph (a) there shall be substituted—

“(1) Subject to subsection (2) below, in this Act—

(a) 'unit trust scheme' has the same meaning as in the Financial Services Act 1986”.

(4) At the end of section 92 of the Capital Gains Tax Act 1979 there shall be added—

“(2) The Treasury may by regulations provide that any scheme of a description specified in the regulations shall be treated as not being a unit trust scheme for the purposes of this Act.

(3) Regulations under this section—

(a) may contain such supplementary and transitional provisions as appear to the Treasury to be necessary or expedient, and

(b) shall be made by statutory instrument, which shall be subject to annulment in pursuance of a resolution of the House of Commons.”.

(5) This section, and the repeals effected by section 72 below and Part VI of Schedule 16 to this Act, shall come into force on such day as the Board may by order appoint; and different days may be appointed for different purposes.

(6) An order under subsection (5) above—

(a) may contain such transitional provisions as appear to the Board to be necessary or expedient, and

(b) shall be made by statutory instrument.