open-ended investment companies of any such description as may be specified in the regulations,

holdings in, and the assets of, such companies, and

transactions involving such companies,

the Tax Acts and the M1Taxation of Chargeable Gains Act 1992; and

the enactments relating to stamp duty and F1stamp duty reserve tax.

identifies the payments which are or are not to be treated, for the purposes of any prescribed enactment, as the distributions of open-ended investment companies;

modifies the operation of Chapters II, III and VA of Part VI of the Taxes Act 1988 in relation to open-ended investment companies or in relation to payments falling to be treated as the distributions of such companies;

applies and adapts any of the provisions of F2the enactments relating to stamp duty or stamp duty reserve tax for the purpose of making in relation to transactions involving open-ended investment companies any provision corresponding (with or without modifications) to that which applies under F3those enactments in the case of equivalent transactions involving unit trusts;

provides for any or all of the provisions of sections 75 to 77 of the M2Finance Act 1986 to have effect or not to have effect in relation to open-ended investment companies or the undertakings of, or any shares in, such companies;

so modifies the operation of any prescribed enactment in relation to any such companies as to secure that arrangements for treating the assets of an open-ended investment company as assets comprised in separate pools are given an effect corresponding, in prescribed respects, to that of equivalent arrangements constituting the separate parts of an umbrella scheme;

requires prescribed enactments to have effect in relation to an open-ended investment company as if it were, or were not, a member of the same group of companies as one or more other companies;

identifies the holdings in open-ended investment companies which are, or are not, to be treated for the purposes of any prescribed enactment as comprised in the same class of holdings;

preserves a continuity of tax treatment where, in connection with any scheme of re-organisation, assets of one or more unit trusts become assets of one or more open-ended investment companies, or vice versa;

treats the separate parts of the undertaking of an open-ended investment company in relation to which provision is made by virtue of paragraph (e) above as distinct companies for the purposes of any regulations under this section;

amends, adapts or applies the provisions of any subordinate legislation made under or by reference to any enactment modified by the regulations.

to make different provision for different cases; and

to make such incidental, supplemental, consequential and transitional provision as the Treasury may think fit.

for the purposes of so much of this section as confers power in relation to the enactments specified in paragraph (a) of subsection (2) above, as a reference to authorised unit trusts (within the meaning of section 468 of the Taxes Act 1988), and

for the purposes of so much of this section as confers power in relation to the enactments specified in paragraph (b) of that subsection, as a reference to any unit trust scheme (within the meaning given by section 57 of the M7Finance Act 1946).

where one company has, or in relation to another company is, a subsidiary, or a subsidiary of a particular description, or

where one company controls another or two or more companies are under the same control. M8

land on which short rotation coppice is cultivated shall be regarded as agricultural land, and

buildings used in connection with the cultivation of short rotation coppice shall be regarded as farm buildings.

any person (“the depositor”) has received any sum on the making, on or after 6th April 1990, of a withdrawal for cash of a tax deposit made before that date,

the whole or any part of any qualifying tax liability has been discharged by any payment made otherwise than by the application of a tax deposit, and

that payment was made in the period beginning one month before the withdrawal and ending one month afterwards,

a liability of any person for any tax for the year 1990-91 or any subsequent year of assessment, or for interest on such tax;

a liability that relates to tax for a year of assessment during the whole or any part of which that person was married to the depositor; and

a liability of such a description that, if it had been a liability of the depositor (and the withdrawal were to be disregarded), the whole or any part of it could have been discharged, immediately before the time of the payment mentioned in subsection (1)(b) above, by the application of that deposit and of accrued interest thereon.

the sum received as mentioned in subsection (1)(a) above on the withdrawal; and

the sum that would have been received if interest had accrued on the relevant part of the sum received at the rate applicable under the relevant terms to sums applied in the payment of tax, instead of at the rate applicable to a withdrawal for cash.

in a case where the sum received on the withdrawal is equal to or smaller than the amount of the liability discharged by the payment mentioned in subsection (1)(b) above, the amount equal to such part of the sum actually received as does not represent interest that has accrued under the relevant terms; and

in any other case, to the amount which would have been the amount specified in paragraph (a) above if the sum actually received on the withdrawal had been equal to the amount of qualifying tax liability so discharged.

this section shall have effect if there is, in the period mentioned in subsection (1)(c) above, more than one such payment as is mentioned in subsection (1)(b) above as if (subject to paragraph (b) below) all the payments in that period were, for the purposes of that claim, to be aggregated and treated as one such payment; and

the amount of compensation payable under this section on that claim shall be computed without regard to so much of any payment discharging a qualifying tax liability as, in pursuance of any claim under this section, has been or is to be so taken into account as to affect the amount of compensation payable in the case of any other withdrawal.

references to a tax deposit are references to the whole or any part of any deposit in respect of which a certificate of tax deposit has been issued by the Treasury under section 12 of the M14National Loans Act 1968; and

references to the relevant terms, in relation to a tax deposit, are references to the terms applicable to that deposit and to the certificate issued in respect of it.

shall not be subject to paragraph 1(4) and (5) of that Schedule (affirmative resolution of both Houses of Parliament), but

shall be subject to annulment in pursuance of a resolution of either House of Parliament.