(1) The Principal Act is amended by substituting the following for section 75:

"75.

(1) In this section -

'collective investment scheme' means a bona fide scheme for the purpose, or having the effect, solely or mainly, of providing facilities for the participation by the public or other investors in profits or income arising from the acquisition, holding, management or disposal of securities or any other property;

'common contractual fund' has the meaning assigned to it by section 739I of the Taxes Consolidation Act 1997;

'investment undertaking' has the meaning assigned to it by section 739B of the Taxes Consolidation Act 1997;

'unit', in relation to a collective investment scheme, includes shares, members' interests, limited partnership interests and any other instruments granting an entitlement to the income or investments from the scheme;

'unit', in relation to a common contractual fund, has the meaning assigned to it by section 739I of the Taxes Consolidation Act 1997;

'unit', in relation to an investment undertaking, has the meaning assigned to it by section 739B of the Taxes Consolidation Act 1997.

(2) Where any unit of a collective investment scheme which is incorporated or otherwise formed under the law of a territory outside the State, a common contractual fund or an investment undertaking is comprised in a gift or an inheritance, then, such unit -

(a) is exempt from tax, and