Paragraph 23 Investment managers (removal of the 20% rule)
United Kingdom
(1)
In section 818 (the independent investment manager conditions) omit subsection (5).
(2)
In section 835M (the independent investment manager conditions) omit subsection (5).
(3)
Omit sections 819 and 835N (investment managers: the 20% rule).
(4)
In consequence of the amendments made by sub-paragraph (3)—
(a)
omit sections 820 to 824,
(b)
omit sections 835O to 835Q, and
(c)
in Schedule 4 (index of defined expressions), in the table omit both entries relating to relevant disregarded income.