Finance Act, 1990
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Certain unit trusts not to be collective investment undertakings. |
35.—(1) This section shall apply to any unit trust scheme, within the meaning assigned to it by section 1 (1) of the Unit Trusts Act, 1972 , where there is, or was at any time, in respect of any or all units issued after the 14th day of June, 1973, a requirement for participation in that unit trust scheme that a policy of assurance upon human life be effected (but without those units becoming the property of the owner of the policy either as benefits or otherwise). | |
(2) Notwithstanding section 18 of the Finance Act, 1989 , a unit trust scheme to which this section applies, shall be deemed not to be a collective investment undertaking for the purposes of that section and the First Schedule to the said Act. | ||
(3) This section shall have effect as on and from the 6th day of April, 1990. |