Finance Act, 1997
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Amendment of section 17 (undertakings for collective investment) of Finance Act, 1993 . |
35.— Section 17 of the Finance Act, 1993 , is hereby amended by the substitution for paragraph (a) of subsection (4) of the following paragraph: | |
“(a) (i)Every asset of an undertaking for collective investment on the day on which a chargeable period of the undertaking ends shall, subject to the subsequent provisions of this subsection, be deemed to have been disposed of and immediately reacquired by the undertaking at the asset's market value on the said day. | ||
(ii) Subparagraph (i) shall not apply to— | ||
(I) assets to which subsection (5)(a)(ii) relates other than where such assets are held in connection with a contract or other arrangement which secures the future exchange of the assets for other assets to which the said subsection does not relate, and | ||
(II) assets which are strips within the meaning of section 33 of the Finance Act, 1997”. |