(1) Chapter 1A (inserted by the Finance Act 2000) of Part 27 of the Principal Act is amended -

(a) in section 739B(1) in the definition of "chargeable event" -

(i) by deleting "and" at the end of paragraph (cc), and

(ii) by inserting the following after paragraph (cc):

"(ccc) the ending of a relevant period, and for the purposes of this paragraph 'relevant period', in relation to a unit in an investment undertaking, means a period of 8 years beginning with the acquisition of that unit by a unit holder and each subsequent period of 8 years beginning immediately after the preceding relevant period, and",

(b) in section 739D -

(i) in subsection (2) -

(I) by inserting "and in accordance with subsection (2A)" after "subject to this section",

(II) by deleting "and" at the end of paragraph (dd), and

(III) by inserting the following after paragraph (dd):