PART 8MISCELLANEOUS AMENDMENTS TO PRIMARY LEGISLATION

Value Added Tax Act 1994 (c. 23)

Supplies exempt from Value Added Tax—Finance348

1

In Schedule 9 to the Value Added Tax Act 1994 (exempt supplies), Group 5 (Finance) is amended as follows.

2

For Note (6), substitute—

6

In item 9—

  • “authorised unit trust scheme” has the meaning given in section 237(3) of the Financial Services and Markets Act 2000;

  • “operator” has the meaning given in section 237(2) of that Act; and

  • “trust based scheme” means a scheme the purpose or effect of which is to enable persons taking part in the scheme, by becoming beneficiaries under a trust, to participate in or receive profits or income arising from the acquisition, holding, management or disposal of property of a kind described in section 239(3)(a) of the Financial Services and Markets Act 2000 or sums paid out of such profits or income.

3

For Note (10), substitute—

10

For the purposes of this Group—

  • “collective investment scheme” has the meaning given in section 235 of the Financial Services and Markets Act 2000; and

  • “open-ended investment company” has the meaning given in section 236 of that Act.