Finance Act, 2001
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Amendment of section 731 (chargeable gains accruing to unit trusts) of Principal Act. |
71.—(1) Section 731 of the Principal Act is amended in subsection (5)— | |
(a) by the substitution in paragraph (a) for “all the issued units in a unit trust” of “all the issued units in a unit trust which neither is, nor is deemed to be, an authorised unit trust scheme (within the meaning of the Unit Trusts Act, 1990 )”, and | ||
(b) by the insertion after paragraph (b) of the following: | ||
“(c) Where, by virtue of paragraph (a), gains accruing to a unit trust in a year of assessment are not chargeable gains, then— | ||
(i) the unit trust shall not be chargeable to income tax for that year of assessment, and | ||
(ii) a deposit (within the meaning of section 256(1)), which is an asset of the unit trust, shall not be a relevant deposit (within the meaning of that section) for the purposes of Chapter 4 of Part 8, for that year of assessment.”. | ||
(2) This section shall be deemed to have applied— | ||
(a) as respects paragraph (a), as on and from 1 January 2001, and | ||
(b) as respects paragraph (b), for the year of assessment 2000-2001 and subsequent years of assessment. |