SCHEDULES
SCHEDULE 10Amendment of enactments that operate by reference to accounting practice
Part 2Derivative contracts
Collective investment schemes
59
1
Paragraph 32 of that Schedule (authorised unit trusts: capital profits, gains or losses) is amended as follows.
2
In sub-paragraph (1) omit “, notwithstanding paragraph 15”.
3
After that sub-paragraph insert—
1A
For the purposes of this paragraph “capital profits, gains or losses”—
a
in the case of an authorised unit trust that prepares accounts in accordance with UK generally accepted accounting practice, has the meaning given by sub-paragraphs (2) to (4), and
b
in the case of an authorised unit trust that prepares accounts in accordance with international accounting standards, has the meaning given by order made by the Treasury.
4
In sub-paragraph (2) for the words “For the purposes of this paragraph” substitute “
In the cases mentioned in sub-paragraph (1A)(a)
”
.