(1)This Act (with the exception of the provisions mentioned in subsection (8)) applies in relation to a unit trust scheme as if—
(a)the trustees were a company, and
(b)the rights of the unit holders were shares in the company.
(2)Each of the parts of an umbrella scheme is regarded for the purposes of this Act as a separate unit trust scheme and the umbrella scheme as a whole is not so regarded.
(3)An “umbrella scheme” means a unit trust scheme—
(a)that provides arrangements for separate pooling of the contributions of participants and the profits or income out of which payments are to be made for them, and
(b)under which the participants are entitled to exchange rights in one pool for rights in another.
(4)A “part” of an umbrella scheme means such of the arrangements as relate to a separate pool.
(5)In this Act—
“unit trust scheme” has the same meaning as in the Financial Services and Markets Act 2000 (c.8), and
“unit holder” means a participant in a unit trust scheme.
(6)The Scottish Ministers may, by regulations, provide that a scheme of a description specified in the regulations is to be treated as not being a unit trust scheme for the purposes of this Act.
(7)Section 620 of the Corporation Tax Act 2010 (c.4) (court investment funds treated as authorised unit trusts) applies for the purposes of this Act as it applies for the purposes of that Act, with the substitution for references to an authorised unit trust of references to a unit trust scheme.
(8)A unit trust scheme is not to be treated as a company for the purposes of schedules 10 (group relief) and 11 (reconstruction relief and acquisition relief).