Part 35C of the Principal Act is amended -

(a) in section 835Z(1), in the definition of "entity", by the substitution of the following paragraph for paragraph (e):

"(e) any other legal arrangement, of whatever nature or form, that is within the charge to any of the taxes covered by this Part;",

and

(b) in section 835AVB -

(i) by the substitution of the following subsection for subsection (6):

"(6) In a case in which a relevant investment undertaking, has not satisfied the conditions in paragraphs (a) and (b) of the definition of ‘collective investment scheme’ in subsection (1), the relevant investment undertaking will be treated as satisfying those conditions in the period of 24 months from the date on which the undertaking makes its first investment (in this subsection referred to as the ‘relevant period’) where it would be reasonable to consider that -

(a) the conditions will be satisfied within the relevant period, and

(b) the failure to satisfy the conditions is temporary and unavoidable, having regard to -

(i) the means through which the investment objective of the relevant investment undertaking is to be achieved, as set out in its prospectus,