Finance Act 2004

Investment conditions to be met by funds seeking certification as distributing fund U.K.

14 (1) In Schedule 27 to the Taxes Act 1988 (distributing funds), Part 2 (modifications of conditions for certification in certain cases) is amended as follows. U.K.

(2) In paragraph 6—

(a) in sub-paragraph (1)(b) for the words from the beginning to “section 760” substitute “ those interests are such that, by virtue of section 760(3)(a) ”;

(b) in the words following paragraph (c) of sub-paragraph (1), for “section 760(3)(a) to (c)” substitute “ section 760(3)(a) ”;

(c) in sub-paragraph (3)(a) for “section 760(3)(a) to (c)” substitute “ section 760(3)(a) ”.

(3) In paragraph 7 for “section 760(3)(a) to (c)” (in both places) substitute “ section 760(3)(a) ”.

(4) Omit paragraph 10.

(5) In paragraph 11—

(a) in sub-paragraphs (1) and (4), omit “section 760(3) and”, and

(b) in sub-paragraph (1) for “sub-paragraph (3)” substitute “ sub-paragraph (4) ”.

(6) Omit paragraphs 12 and 13.

(7) In paragraph 14, for “any of the conditions in paragraphs (a) to (c) of section 760(3)” substitute “ the condition in section 760(3)(a) ”.

(8) In paragraph 16(1), omit “by a trustee or officer thereof”.