Income Tax (Trading and Other Income) Act 2005 section 78

Open-ended investment companies: saving for powers to make provision corresponding to provisions applicable to unit trusts

Section 78 preserves the Treasury's power to make regulations about open-ended investment companies (OEICs), even though the relevant rules have been rewritten from earlier regulations into the Act itself.

• The Treasury retains its regulation-making power under section 152 of the Finance Act 1995, despite OEIC rules now being directly enacted in ITTOIA 2005
• Regulations may ensure that the OEIC provisions in the Act correspond, with appropriate modifications, to equivalent rules applying to unit trusts, their rights, assets and related transactions
• The "OEIC sections" are sections 373 to 375 (treating certain amounts as interest paid by OEICs) and sections 386 to 388 (treating certain amounts as dividends paid by OEICs)
• Section 152 of the Finance Act 1995 may itself be read with whatever modifications are needed to give effect to this saving provision