Paragraph 5

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

Sch.1, para.SA added by Common Investment 1999 para.9(b)
Sch 1 am (heading am) by Common Investment (Closure of High Yield Fund) 2003 para 7(1), (9)(a)
Sch 1, para 1 am by Common Investment (Closure of High Yield Fund) 2003 para 7(1), (9)(b)
Sch 1, para 1 rev in pt by Common Investment (Closure of High Yield Fund) 2003 para 7(1), (9)(c)
Sch 1, para 6 am by Common Investment (Closure of High Yield Fund) 2003 para 7(1), (9)(d)

(1)

The value of a unit on a valuation day shall be an amount equal to the quotient derived by dividing by the number of units into which the fund is treated as being divided on that day the value to the nearest pound of the fund on that day plus—

(a)

any income for the time being withheld by virtue of paragraph 8(2) of this Schedule; and

(b)

any income accrued since the last accounting date;

minus any accrued liabilities chargeable against the fund.

(2)

The buying or selling price of a unit on a valuation day shall be the value of the unit on that day increased or reduced, if necessary, by the proportion attributable to the unit in accordance with paragraph 3(4)(b) of this Schedule of the cost attending the creation or realisation of units to the number required by paragraph 3(4)(a) and rounded down to four significant figures.