SolvedCG41571 | Open-ended investment companies (OEICs): specific modifications to TCGA 1992
From HM Revenue & Customs · Capital Gains Manual
As well as the general modifications described in CG41570 SI2006/964 makes certainspecific modifications to TCGA 1992:
| Modification to TCGA 1992 | Effect | Regulation |
|---|---|---|
| reference to section 99AA inserted into section 99(2) (TCGA92/S99AA) | ‘umbrella companies’ to be treated similarly to umbrella schemes | 105 |
| section 99AA inserted (TCGA92/S99AA) | ‘umbrella companies’ defined and treatment of parts of umbrella companies specified. See CG57760 (umbrella companies) and CG57701 (umbrella schemes) | 106 |
| new subsection (4A) inserted into section 170 (TCGA92/S170 (4A)) | makes clear that an OEIC cannot be the principal company of a group. See CTM48240 | 107 |
| modifications to section 272 (valuation: general) (TCGA92/S272) | establishes method of determining market value of shares in OEICs | 108 |
| modifications to section 288 (interpretation) (TCGA92/S288) | inserts definitions of ‘authorised corporate director’, ‘open-ended investment company’ and ‘owner of shares’ | 109 |
| modification to schedule A1 paragraph 16(2) (taper relief: special rules for postponed gains) (TCGA92/SCH1A) | inserts references to regulations 67(4) and 68(4) as statute capable of postponing a gain | 110 |