Paragraph 5

Units or other beneficial interests in—

• 1. (a)

     a scheme falling within Council Directive 85/611/EEC of 20th December 1985 on the co-ordination of laws, regulations and administrative provisions relating to undertakings for collective investments in transferable securities;

  2. (b)

     a collective investment fund which satisfies the following conditions—

     1. (i)

        the property of the fund comprises property of any of the descriptions in paragraphs 1 to 10 of this Schedule;

     2. (ii)

        the units are readily realisable at a price which represents the net value per unit of the assets and liabilities of the fund; and

     3. (iii)

        the price at which the units may be bought and sold is published regularly.