Taxes Consolidation Act, 1997
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Certain unit trusts not to be collective investment undertakings. [FA90 s35(1) and (2)] |
735.—(1) This section shall apply to any unit trust scheme (within the meaning 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 on 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 734 , 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 Schedule 18 . |