16(1)In section 339 (meaning of “ultimate parent”), subsection (1) is amended as follows.
(2)In paragraph (b)(i)—
(a)for “not” substitute “neither”, and
(b)after “applies” insert “nor an entity formed under the law of a territory outside the United Kingdom which would be a partnership if formed under the law of any part of the United Kingdom”.
(3)In paragraph (c) omit the words from “or an entity that would be a collective investment scheme but for the fact that it is a body corporate”.