(1) Part 27 of the Principal Act is amended -
(a) in section 739B by substituting the following for the definition of "qualifying management company":
"'qualifying management company', in relation to an investment undertaking, means a company which, in the course of a trade of managing investments, manages the whole or any part of the investments and other activities of the business of the undertaking;",
(b) in section 739D, by inserting the following subsection after subsection (7A):
(a) A gain shall not be treated as arising to an investment undertaking on the happening of a chargeable event in respect of a unit holder where, immediately before the chargeable event, the investment undertaking is in possession of written notice of approval from the Revenue Commissioners to the effect that subsection (7) is deemed to have been complied with in respect of the unit holder, and that approval has not been withdrawn.
(b) The Revenue Commissioners may give to an investment undertaking
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