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HMRC internal manual

Capital Gains Manual

Open-ended investment companies (OEICs): specific modifications to TCGA 1992

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 ‘umbrella companies’ to be treated 105
into section 99(2) (TCGA92/S99AA) similarly to umbrella schemes  
section 99AA inserted ‘umbrella companies’ defined and 106
(TCGA92/S99AA) treatment of parts of umbrella  
  companies specified. See CG57760  
  (umbrella companies) and CG57701  
  (umbrella schemes)  
new subsection (4A) inserted into makes clear that an OEIC cannot be 107
section 170 (TCGA92/S170 (4A)) the principal company of a group.  
  See CTM48240  
modifications to section 272 establishes method of determining 108
(valuation: general)- market value of shares in OEICs  
modifications to section 288 inserts definitions of ‘authorised 109
(interpretation) (TCGA92/S288) corporate director’, ‘open-ended  
  investment company’ and ‘owner of  
modification to schedule A1 inserts references to regulations 110
paragraph 16(2) (taper relief: 67(4) and 68(4) as statute capable  
special rules for postponed gains) of postponing a gain