Finance Act 2022
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Amendment of section 743 of Principal Act (material interest in offshore funds) | ||
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36. Section 743 of the Principal Act is amended— | ||
(a) in subsection (1)(b), by the substitution of “subject to subsection (1B), a unit trust scheme” for “a unit trust scheme”, and | ||
(b) by the insertion of the following subsection after subsection (1A): | ||
“(1B) (a) In this subsection, ‘relevant Member State’ means— | ||
(i) a state, other than the State, which is a Member State of the European Union, or | ||
(ii) not being such a Member State, a state which is a contracting party to the Agreement on the European Economic Area signed at Oporto on 2 May 1992, as adjusted by the Protocol signed at Brussels on 17 March 1993. | ||
(b) A unit trust scheme referred in subsection (1)(b) shall not include a unit trust scheme— | ||
(i) which is or is deemed to be an authorised unit trust scheme (within the meaning of the Unit Trusts Act 1990 ) and has not had its authorisation under that Act revoked, | ||
(ii) the trustee of which is resident in a relevant Member State and provides the services of a trustee to the unit trust scheme through a branch in the State, and | ||
(iii) the general administration of which is ordinarily carried on in the State.”. |