Finance Act, 1990

Certain unit trusts not to be collective investment undertakings.

35.—(1) This section shall apply to any unit trust scheme, within the meaning assigned to it by section 1 (1) of the Unit Trusts Act, 1972 , where there is, or was at any time, in respect of any or all units issued after the 14th day of June, 1973, a requirement for participation in that unit trust scheme that a policy of assurance upon human life be effected (but without those units becoming the property of the owner of the policy either as benefits or otherwise).

(2) Notwithstanding section 18 of the Finance Act, 1989 , a unit trust scheme to which this section applies, shall be deemed not to be a collective investment undertaking for the purposes of that section and the First Schedule to the said Act.

(3) This section shall have effect as on and from the 6th day of April, 1990.