Insurance companies: disposals to connected manager7

In section 210C10 (losses on disposal of authorised investment fund assets to connected manager), in subsection (2)—

a

in the definition of “authorised investment fund assets”, for the words from “rights” to “investment company” substitute—

  • —

    1. a

      rights under an authorised unit trust,

    2. b

      rights under an authorised contractual scheme which is a co-ownership scheme, or

    3. c

      shares in an open-ended investment company,

b

in the definition of “the manager of the authorised investment fund”—

i

at the end of paragraph (a) omit “and”; and

ii

after that paragraph insert—

aa

in the case of an authorised contractual scheme which is a co-ownership scheme, means the person who is the operator of the scheme for the purposes of that Part, and