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The Value Added Tax (Finance) Order 1997

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2.  Group 5 of Schedule 9 to the Value Added Tax Act 1994 (exempt supplies: finance) shall be varied as follows—

(a)after item 9 there shall be added the following item—

10.  The services of the authorised corporate director of an open-ended investment company so far as they consist in managing the company’s scheme property.;

(b)after Note (6) there shall be added the following Notes—

(7) For the purposes of item 10, a person is an authorised corporate director of an open-ended investment company if for the time being that person—

(a)is a director of the company, and

(b)has responsibility for the management of, and is managing, the company’s scheme property.

(8) For the purposes of item 10 and Note (7), an open-ended investment company’s scheme property is the property subject to the collective investment scheme constituted by that company.

(9) In Note (7) “director”, in relation to an open-ended investment company, includes a person occupying in relation to it the position of director (by whatever name called).

(10) For the purposes of this Group, “collective investment scheme” and “open-ended investment company” have the meanings given by section 75 of the Financial Services Act 1986(1).

(1)

1986 c. 60; section 75 was amended by S.I. 1988/803 and S.I. 1990/349.

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