(1) Section 731 of the Principal Act is amended in subsection (5) -
(a) by the substitution in paragraph (a) for "all the issued units in a unit trust" of "all the issued units in a unit trust which neither is, nor is deemed to be, an authorised unit trust scheme (within the meaning of the Unit Trusts Act, 1990)", and
(b) by the insertion after paragraph (b) of the following:
"(c) Where, by virtue of paragraph (a), gains accruing to a unit trust in a year of assessment are not chargeable gains, then -
(i) the unit trust shall not be chargeable to income tax for that year of assessment, and
(ii) a deposit (within the meaning of section 256(1)), which is an asset of the unit trust, shall not be a relevant deposit (within the meaning of that section) for the purposes of Chapter 4 of Part 8, for that year of assessment.".
(2) Subsection (1) shall be deemed to have applied -
(a) as respects paragraph (a), as on and from 1 January 2001, and
(b) as respects paragraph (b), for the year of asse
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