PART 7CONSEQUENTIAL AMENDMENTS AND MODIFICATIONS OF ENACTMENTS

CHAPTER 3MODIFICATIONS OF TCGA 1992

Specific modifications of TCGA 1992

Modification of section 99 of TCGA 1992105

In section 99 of TCGA 1992 (application of Act to unit trust schemes) M1, in subsection (2), the words “ sections 99A and 99AA ” are treated as substituted for “section 99A”.

Insertion of section 99AA of TCGA 1992F1106

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Modification of section 170 of TCGA 1992107

In section 170 of TCGA 1992 (groups of companies: interpretation), after subsection (4), the following subsection is treated as inserted—

4A

An open-ended investment company cannot be the principal company of a group.

Modifications of section 272 of TCGA 1992108

1

Section 272 of TCGA 1992 (valuation: general) is modified as follows.

F32

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3

After subsection (5) the following subsection is treated as inserted—

5AA

In this Act “market value” in relation to shares of a given class in an open-ended investment company the prices of which are published regularly by the authorised corporate director of that company (whether or not those shares are also quoted in The Stock Exchange Daily Official List) shall mean an amount equal to the price so published on the relevant date, or if no price was published on that date, on the latest date before that date.

Modifications of section 288 of TCGA 1992109

1

Section 288 of TCGA 1992 (interpretation) M2 is modified as follows.

2

In subsection (1)—

F2a

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b

the following definitions are treated as inserted at the appropriate places in alphabetical order—

  • “authorised corporate director” has the meaning given in regulations made under section 17(3) of the Finance (No. 2) Act 2005 (as at 1st April 2006, see regulation 8 of the Authorised Investment Funds (Tax) Regulations 2006 (S.I. 2006/[abcd]));

  • “open-ended investment company” has the meaning given in regulations made under section 17(3) of the Finance (No. 2) Act 2005 (as at 1st April 2006, see regulation 4 of the Authorised Investment Funds (Tax) Regulations 2006 (S.I. 2006/[abcd]));

  • “owner of shares” has the meaning given in regulations made under section 17(3) of the Finance (No. 2) Act 2005 (as at 1st April 2006, see regulation 8 of the Authorised Investment Funds (Tax) Regulations 2006 (S.I. 2006/[abcd]));

Modification of Schedule A1 to TCGA 1992110

In Schedule A1 to TCGA 1992 (application of taper relief), in paragraph 16(2) (special rules for postponed gains) M3, at the end of paragraph (f) the word “ , or ” is treated as added and the following paragraph is then also treated as added—

g

regulations 67(4) and 68(4) of the Authorised Investment Funds (Tax) Regulations 2006.