(a) In this section 'common contractual fund' means -
(i) a collective investment undertaking being an unincorporated body established by a management company under which the participants by contractual arrangement participate and share in the property of the collective investment undertaking as co-owners, where it is expressly stated in its deed of constitution to be established pursuant to the Investment Funds, Companies and Miscellaneous Provisions Act 2005 and which holds an authorisation issued in accordance with that Act and which is not established pursuant to Council Directive No. 85/611/EEC of 20 December 1985 [OJ No. L375, 31.12.1985, p.3], as amended from time to time, or
(ii) an investment undertaking within the meaning of paragraph (b) of the definition of 'investment undertaking' which is constituted otherwise than under trust law or statute law.
(b) For the purposes of this section the definitions of 'relevant gains', 'relevant income', 'relevant payment', 'relevant
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