Taxation of Chargeable Gains Act 1992 section 103J

Supplementary provisions

Section 103J provides definitions of key terms used in the rules on schemes of reconstruction involving collective investment schemes, and clarifies what is meant by units being "retained".

• The section defines four key terms — "feeder fund", "scheme of reconstruction", "original collective investment scheme" and "successor collective investment scheme" — by reference to Schedule 5AZA of the Act.
• These definitions apply specifically to sections 103H and 103I, which deal with schemes of reconstruction involving the issue or conversion of units in collective investment schemes.
• References to units being "retained" include situations where units are kept but with altered rights or in an altered form, whether through reduction, consolidation, division or otherwise.
• The section has applied to disposals on or after 8 June 2013, having been introduced as part of a wider set of rules (sections 103E to 103K) governing exchanges, mergers and schemes of reconstruction for collective investment schemes.