Finance Act, 1994

Amendment of section 29 (taxation of income deemed to arise on certain sales of securities) of Finance Act, 1984.

26.—As respects any chargeable period (within the meaning of section 17 of the Finance Act, 1993 ) beginning on or after the 1st day of January, 1994, section 29 of the Finance Act, 1984 , is hereby amended in subsection (2A) (inserted by section 27 of the Finance Act, 1991 ) by the insertion after paragraph (b) of the following paragraph:

“(bb) if—

(i) the owner is an undertaking for collective investment within the meaning of section 17 of the Finance Act, 1993 , and

(ii) any gain or loss accruing to the owner on the sale or transfer is a chargeable gain or an allowable loss, as the case may be, or”.