Textual Amendments
F1Word in Pt. 3 heading inserted (with effect in accordance with Sch. 22 para. 12 of the amending Act) by Finance Act 2009 (c. 10), Sch. 22 para. 9; S.I. 2010/670, art. 2
Textual Amendments
F2Word in Pt. 3 Ch. 3 heading inserted (with effect in accordance with Sch. 22 para. 12 of the amending Act) by Finance Act 2009 (c. 10), Sch. 22 para. 9; S.I. 2010/670, art. 2
(1)Subsection (2) below applies in the case of arrangements which constitute a collective investment scheme and under which—
(a)the contributions of the participants, and the profits or income out of which payments are to be made to them, are pooled in relation to separate parts of the property in question, and
(b)the participants are entitled to exchange rights in one part for rights in another.
(2)If a participant exchanges rights in one such part for rights in another, section 127 shall not prevent the exchange constituting a disposal and acquisition for the purposes of this Act.
(3)The reference in subsection (2) above to section 127—
(a)includes a reference to that section as applied by section 132, but
(b)does not include a reference to section 127 as applied by section 135 [F3or 136];
and in this section “participant” shall be construed in accordance with [F4section 235 of the Financial Services and Markets Act 2000].
Textual Amendments
F3Words in s. 102(3)(b) inserted (with effect in accordance with Sch. 9 paras. 7, 8 of the amending Act) by Finance Act 2002 (c. 23), Sch. 9 para. 5(4)
F4Words in s. 102(3) substituted (1.12.2001) by The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629), arts. 1(2)(a), 62(2)