(1) Where the trustees of a unit trust scheme, within the meaning assigned to it by section 1(1) of the Unit Trust Act, 1990, which, apart from section 35 of the Finance Act, 1990, would be a collective investment undertaking for the purposes of section 18 of, and the First Schedule to, the Finance Act, 1989, have, not later than the 1st day of November, 1992 -
(a) paid the capital gains tax, which would have been chargeable on them if -
(i) on the 31st day of March, 1992, they had disposed of all the assets of the unit trust scheme, and
(ii) the resulting chargeable gains were chargeable to tax at one half of the rate at which they would have been chargeable under the Capital Gains Tax Acts apart from this subparagraph,
(b) given notice in writing to the Revenue Commissioners that they have paid that tax in accordance with paragraph (a),
then, notwithstanding the said section 35, the unit trust scheme (hereafter in this section referred to as "the relevant unit trust") shall