CG41571 - Open-ended investment companies (OEICs): specific modifications to TCGA 1992
As well as the general modifications described in CG41570
SI2006/964 makes certain specific modifications to TCGA 1992:
| Modification to TCGA 1992 | Effect | Regulation |
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| reference to section 99AA inserted | ‘umbrella companies’ to be treated | 105 |
| into section 99(2) (TCGA92/S99AA) | similarly to umbrella schemes | |
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| section 99AA inserted | ‘umbrella companies’ defined and | 106 |
| (TCGA92/S99AA) | treatment of parts of umbrella | |
| companies specified. See CG57760 | ||
| (umbrella companies) and CG57701 | ||
| (umbrella schemes) | ||
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| new subsection (4A) inserted into | makes clear that an OEIC cannot be | 107 |
| section 170 (TCGA92/S170 (4A)) | the principal company of a group. | |
| See CTM48240 | ||
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| modifications to section 272 | establishes method of determining | 108 |
| (valuation: general)- | market value of shares in OEICs | |
| (TCGA92/S272) | ||
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| modifications to section 288 | inserts definitions of ‘authorised | 109 |
| (interpretation) (TCGA92/S288) | corporate director’, ‘open-ended | |
| investment company’ and ‘owner of | ||
| shares’ | ||
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| modification to schedule A1 | inserts references to regulations | 110 |
| paragraph 16(2) (taper relief: | 67(4) and 68(4) as statute capable | |
| special rules for postponed gains) | of postponing a gain | |
| (TCGA92/SCH1A) |
