In this section an "umbrella scheme" means a relevant collective investment scheme—
which provides arrangements for separate pooling of the contributions of the participants and the profits or income out of which payments are to be made to them, and
under which the participants are entitled to exchange rights in one pool for rights in another,
and any reference to a part of an umbrella scheme is a reference to such of the arrangements as relate to a separate pool.
For the purposes of this Act (except subsection (1) and section 103C)—
each of the parts of an umbrella scheme shall itself be regarded as a collective investment scheme of the same form as the umbrella scheme as a whole, and
the umbrella scheme as a whole shall not be regarded as a collective investment scheme of that form or as any other form of collective investment scheme,
and the participants in the umbrella scheme are to be treated accordingly.
Subsection (2)—
does not prevent gains or losses accruing to an umbrella scheme which is a unit trust scheme (other than an authorised unit trust) being regarded as gains or losses accruing to the umbrella scheme as a whole, and
does not apply for the purposes of section 100(2).
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Nothing in subsection (2) shall prevent—
gains accruing to an umbrella scheme being regarded as gains accruing to an authorised unit trust for the purposes of section 100(1) (exemption for authorised unit trusts etc);
a transfer of business to an umbrella scheme being regarded as a transfer to a unit trust scheme for the purposes of section 139(4) (exclusion of transfers to authorised unit trusts etc);
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For the purposes of subsection (1), "arrangements" includes arrangements provided in a company's instrument of incorporation.
In this section, "relevant collective investment scheme" means a collective investment scheme which is—
an authorised contractual scheme which is a co-ownership scheme,
a Reserved Investor Fund (Contractual Scheme),
a unit trust scheme, or
an offshore fund.