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Finance Act 2004

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This is the original version (as it was originally enacted).

Collective investment schemes etc.

40(1)Paragraph 2B (open-ended investment companies) is amended as follows.

(2)In the heading at the end add “: capital profits, gains or losses”.

(3)In sub-paragraph (1) omit “, notwithstanding section 84(2)(b) of this Act”.

(4)After that sub-paragraph insert—

(1A)For the purposes of this paragraph “capital profits, gains or losses”—

(a)in the case of a company that prepares accounts in accordance with UK generally accepted accounting practice, has the meaning given by sub-paragraphs (2) to (4), and

(b)in the case of a company that prepares accounts in accordance with international accounting standards, has the meaning given by order made by the Treasury..

(5)In sub-paragraph (2) for the words “For the purposes of this paragraph” substitute “In the cases mentioned in sub-paragraph (1A)(a)”.

(6)In sub-paragraph (5) after “the definition of capital profits, gains or losses” insert “in sub-paragraphs (2) to (4)”.

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