Modifications of FA 199695

1

FA 19963 is modified as follows.

2

In paragraph 4 of Schedule 10 (loan relationships: collective investment schemes: company holdings in unit trusts and offshore funds)4—

a

in sub-paragraph (1)(a) the words “, open-ended investment company” are treated as inserted after the words “unit trust scheme”,

b

in sub-paragraph (1)(b) the word “, company” is treated as inserted after the word “scheme”,

c

in sub-paragraph (4) the words “or open-ended investment company” are treated as inserted after the words “authorised unit trust”,

d

in sub-paragraph (5) the words “scheme, fund or open-ended investment company” are treated as substituted for the words “scheme or fund”, and

e

the following sub-paragraph is treated as inserted at the end—

7

In this paragraph “open-ended investment company” has the same meaning as in sub-paragraph (7A)(b) of paragraph 8 below; and sub-paragraphs (7A) to (7D) of that paragraph apply for the purposes of this paragraph as they apply for the purposes of paragraph 8.

3

In paragraph 8 of Schedule 10 (loan relationships: collective investment schemes: non-qualifying investments test)5—

a

in sub-paragraph (1)—

i

the words “, open-ended investment company” are treated as inserted after the words “unit trust scheme”, and

ii

the word “, company” is treated as inserted after the words “investments of the scheme”;

b

in sub-paragraph (2)—

i

the words “, open-ended investment company” are treated as inserted after the words “unit trust scheme”, and

ii

the word “, company” is treated as inserted after the words “investments of the scheme”.