SCHEDULES
SCHEDULE 10Amendment of enactments that operate by reference to accounting practice
Part 1Loan relationships
40Collective investment schemes etc.
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)”.