The Principal Act is amended -

(a) in Part 27 by the insertion after Chapter 1 of the following Chapter:

"Chapter 1A Investment Undertakings

739B. Interpretation and application.

(1) In this Chapter and in Schedule 2B -

'the Acts' means the Tax Acts and the Capital Gains Tax Acts;

'approved minimum retirement fund' has the meaning assigned to it in section 784C;

'approved retirement fund' has the meaning assigned to it in section 784A;

'chargeable event', in relation to an investment undertaking in respect of a unit holder, means -

(a) the making of a relevant payment by the investment undertaking,

(b) the making of any other payment by the investment undertaking to a person, by virtue of that person being a unit holder (whether or not in respect of the cancellation, redemption or repurchase of a unit) other than a payment made on the death of a unit holder,

(c) the transfer by a unit holder, by way of sale or otherwise (other than as a result of the death of the unit holder), of entitlement to a unit in the investment undertaking, and

(d) a chargeable event shall be deemed to happen on 31 December 2000 in respect of all unit holders (if any) at that date in relation to an investment undertaking -

(i) which commenced on or after 1 April 2000, or