(1) Where the trustees of a unit trust scheme (within the meaning the Unit Trusts Act, 1990), which apart from section 735 would be a collective investment undertaking for the purposes of section 734 and Schedule 18, 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,
and
(b) given notice in writing to the Revenue Commissioners that they have paid that tax in accordance with paragraph (a),
then, notwithstanding section 735, the unit trust scheme (in this section referred to as "the relevant unit trust") shall be deemed to be and to have been a collective investment undertaking for the purposes of section 734 and Schedule 18 wi
…