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Court funds.
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40.—The Principal Act is amended—
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(a) in section 739B(1)—
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(i) in the definition of “chargeable event” by inserting the following after paragraph (II):
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“(IIa) any transaction in relation to, or in respect of, relevant units (within the meaning of subsection (2A)(a)) in an investment undertaking which transaction arises only by virtue of a change of court funds manager for that undertaking,”,
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and
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(ii) “collective investor”:
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“ ‘court funds manager’ means a person appointed by the Service to set up and administer an investment undertaking with money under the control or subject to the order of any Court;”,
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and
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(b) in section 739D(1)—
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(i) by deleting “and” after “unit,” in paragraph (b), and
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(ii) by inserting the following after paragraph (b):
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“(bb) references to an amount invested by a unit holder in an investment undertaking for the acquisition of a unit (in this paragraph referred to as the ‘original unit’), where the original unit has been exchanged for a unit or units in a transaction of the type referred to in paragraph (IIa) of the definition of ‘chargeable event’ in section 739B(1), are references to the amount invested by the unit holder for the acquisition of the original unit, and”.
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