Amendment of Schedule 5AAA to the Taxation of Chargeable Gains Act 1992

7.  In paragraph 8 (election for collective investment vehicle to be treated as partnership), for sub-paragraph (4) substitute—

“(4) Section 12AA of the Management Act(1) applies as a result of sub-paragraph (2) but as if —

(a) subsection (1) of that section authorised the giving of a notice under subsection (2) or (3) for the purpose of facilitating the amount in which each partner is chargeable to tax on chargeable gains,

(b) that section authorised the giving of the notice to the manager of the vehicle, and

(c) that section authorised a single notice under subsection (2) or (3) of that section requiring the making and delivery, in accordance with the notice, of a return every year (whether or not any partnership property has been disposed of in the period to which the return relates).”.

(1)

Section 288 of the Taxation of Chargeable Gains Act provides that “the Management Act” means The Taxes Management Act 1970 (1970 c. 9).