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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 21 March 2016 - onwards
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734. Taxation of collective investment undertakings.

(1)

(a) In this section and in Schedule 18 -

"accounting period" in relation to a collective investment undertaking, means the chargeable period or its basis period (within the meaning of section 321(2)) on the income or profits of which the undertaking is chargeable to income tax or corporation tax, as the case may be, for any chargeable period (within the meaning of that section), or would be so chargeable but for an insufficiency of income or profits, and - (i) where 2 basis periods overlap, the period common to both shall be deemed to fall in the first basis period only (ii) where there is an interval between the end of the basis period for one chargeable period and the basis period for the next chargeable period, the interval shall be deemed to be part of the second basis period, and (iii) the reference in paragraph (i) to the overlapping of 2 periods shall be construed as including a reference to the coincidence of 2 periods or to the inclusion of one period in another,

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