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Amendment of Part 35C of Principal Act (Implementation of Council Directive (EU) 2016/1164 of 12 July 2016 as regards hybrid mismatches)
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45. Part 35C of the Principal Act is amended—
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(a) in section 835Z(1), in the definition of “entity”, by the substitution of the following paragraph for paragraph (e):
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“(e) any other legal arrangement, of whatever nature or form, that is within the charge to any of the taxes covered by this Part;”,
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and
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(b) in section 835AVB—
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(i) by the substitution of the following subsection for subsection (6):
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“(6) In a case in which a relevant investment undertaking, has not satisfied the conditions in paragraphs (a) and (b) of the definition of ‘collective investment scheme’ in subsection (1), the relevant investment undertaking will be treated as satisfying those conditions in the period of 24 months from the date on which the undertaking makes its first investment (in this subsection referred to as the ‘relevant period’) where it would be reasonable to consider that—
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(a) the conditions will be satisfied within the relevant period, and
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(b) the failure to satisfy the conditions is temporary and unavoidable, having regard to—
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(i) the means through which the investment objective of the relevant investment undertaking is to be achieved, as set out in its prospectus,
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(ii) the circumstances giving rise to the conditions not being satisfied, and
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(iii) the steps taken, if any, to ensure the conditions will be satisfied.”,
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and
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(ii) by the substitution of the following subsection for subsection (7):
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“(7) In a case in which a relevant investment undertaking, having satisfied the conditions in paragraphs (a) and (b) of the definition of ‘collective investment scheme’ in subsection (1)—
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(a) ceases to satisfy one or both of those conditions, and
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(b) the failure to satisfy the condition or both of those conditions, as the case may be, is due to the commencement of the winding down of the relevant investment undertaking,
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the relevant investment undertaking will be treated as satisfying those conditions in the period of 12 months from the date on which the condition or both of those conditions, as the case may be, first ceased to be satisfied as a result of the winding down.”.
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