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) ”.