Income and Corporation Taxes Act 1988

470 Transitional provisions relating to unit trusts

(1) Any transitional provisions contained in an order made under section 40(5) of the [1987 c. 16.] Finance Act 1987 appointing a day for the coming into force of subsections (1) and (2) of that section and made in connection therewith shall after the coming into force of this section have effect for the purposes of this Act as they had effect for the purposes of that section, with such modifications if any as may be necessary.

(2) If such an order as is mentioned in subsection (1) above has not been made before the coming into force of this Act, section 468 shall have effect with the substitution for the definition of “authorised unit trust” contained in subsection (6) of the following definition—

• “authorised unit trust” means, as respects any accounting period, a unit trust scheme in the case of which an order under section 17 of the [1958 c. 45.] Prevention of Frauds (Investments) Act 1958 or under section 16 of the [1940 c. 9 (N.I.).] Prevention of Frauds (Investments) Act (Northern Ireland) 1940 is in force during the whole or some part of that accounting period;

and sections 468 and 832 shall have effect with the omission of the definition of “unit trust scheme”.

(3) If such an order as is mentioned in subsection (1) above has not been made before the coming into force of this Act, subsection (2) above shall cease to have effect on such day as the Board may by order appoint; and an order under this subsection may contain such transitional provisions as appear to the Board to be necessary or expedient.