Open-ended investment companies: saving for powers to make provision corresponding to provisions applicable to unit trustsU.K.
78(1)Despite the enactment by this Act in the OEIC sections of provisions previously contained in regulations made under section 152 of FA 1995, the Treasury may continue to make regulations under that section for achieving any purpose that could be achieved by such regulations before the coming into force of the OEIC sections.U.K.
(2)Accordingly—
(a)regulations under that section may make provision for securing, in relation to the matters mentioned in subsection (1)(a) to (c) of that section, that the provision made by the OEIC sections corresponds, subject to such modifications as the Treasury consider appropriate, to the provision made by the enactments mentioned in subsection (2) of that section in relation to—
(i)unit trusts,
(ii)rights under, and the assets subject to, such trusts, and
(iii)transactions for purposes connected with such trusts, and
(b)that section has effect with such modifications as are required for the purposes of this paragraph.
(3)In this paragraph—
“the OEIC sections” means—
(a)sections 373 to 375 of this Act (under which certain amounts are treated as interest paid by open-ended investment companies), and
(b)sections 386 to 388 of this Act (under which certain amounts are treated as dividends paid by open-ended investment companies), and
“unit trust” has the same meaning as in section 152 of FA 1995 (see subsection (7)).