Investment Limited Partnerships (Amendment) Act 2020

Amendment of section 5 of Act of 1994

6. Section 5 of the Act of 1994 is amended—

(a) in subsection (3), by the substitution of “fair and appropriate value of the property” for “fair market value of the property”, and

(b) by the insertion of the following subsections after subsection (4):

“(5) An investment limited partnership may be established as an umbrella fund, that is to say as an investment limited partnership which is divided into a number of sub-funds (within the meaning of the Schedule).

(6) The provisions of the Schedule shall have effect for the purposes of subsection (5).”.