[F140CUmbrella arrangementsU.K.
(1)In the case of umbrella arrangements—
(a)each part of the umbrella arrangements is to be treated as separate arrangements (subject to section 40D), and
(b)the umbrella arrangements are to be disregarded.
(2)“Umbrella arrangements” means arrangements which provide for separate pooling of the contributions of the participants and the profits or income out of which payments are made to them.
(3)References to a part of umbrella arrangements are to the arrangements relating to a separate pool.]
Textual Amendments
F1Ss. 40A-40G inserted (21.7.2009) by Finance Act 2009 (c. 10), Sch. 22 para. 2