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41U.K.After section 151T insert—
(1)This section applies for the purposes of this Act and any other enactment about capital gains tax and irrespective of the position for other purposes.
(2)The bond-holder under investment bond arrangements is not treated as having a legal or beneficial interest in the bond assets.
(3)The bond-issuer under such arrangements is not treated as a trustee of the bond assets.
(4)Gains accruing to the bond-issuer in connection with the bond assets are gains of the bond-issuer and not of the bond-holder (and do not arise to the bond-issuer in a fiduciary or representative capacity).
(5)Payments made by the bond-issuer by way of redemption payment or additional payment are not made in a fiduciary or representative capacity.
(6)The bond-holder is not entitled to relief for capital expenditure in connection with the bond assets.
(7)Expressions used in this section have the same meaning as in section 151N.”