Modifications to other provisions
60M.—(1)  A reference in section 21(2) and (6) to a person from whom property was conveyed or transferred is —
(a)in the case of an instrument between sub‑funds, to the sub‑fund from which the property was conveyed or transferred; or
(b)in the case of an instrument with a sub‑fund, to the umbrella VCC or the sub‑fund from which the property was conveyed or transferred, as the case may be.
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(2)  The following provision applies in place of section 22(2) in a case where the subsequent instrument is an instrument between sub‑funds, and section 22(3) applies accordingly:
Where —
(a)the purchaser under the contract or agreement to which subsection (1) applies is an umbrella VCC that acted for the purpose of a sub‑fund;
(b)ad valorem duty has been paid in accordance with subsection (1) on that instrument; and
(c)before having obtained a conveyance or transfer of the property, the umbrella VCC assigns the equitable estate or interest in that property, or enters into any contract or agreement for the sale of that property, to any of its sub‑funds,
the assignment, contract or agreement is chargeable with ad valorem duty in respect of the consideration moving from the sub‑fund mentioned in paragraph (c) as if it were an actual conveyance on sale to the sub‑purchaser.”.
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(3)  The following provision applies in place of section 22(2) in a case where the subsequent instrument is an instrument with a sub‑fund, and section 22(3) applies accordingly:
Where —
(a)the purchaser under the contract or agreement to which subsection (1) applies is an umbrella VCC that acted for itself or for the purpose of a sub‑fund;
(b)ad valorem duty has been paid in accordance with subsection (1) under that instrument; and
(c)before having obtained a conveyance or transfer of the property, the umbrella VCC —
(i)in the case where it entered into the contract or agreement to which subsection (1) applies for itself, assigns the equitable estate or interest in that property, or enters into a contract or an agreement for the sale of that property, to the umbrella VCC for the purpose of a sub‑fund; or
(ii)in the case where it entered into the contract or agreement to which subsection (1) applies for the purpose of a sub‑fund, assigns the equitable estate or interest in that property, or enters into a contract or an agreement for the sale of that property, to and for itself,
the assignment, contract or agreement is chargeable with ad valorem duty in respect of the consideration moving from the sub‑fund or the umbrella VCC (as the case may be) as if it were an actual conveyance on sale to the sub‑purchaser.”.
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(4)  Section 22(4) applies with the necessary modifications in relation to a variation of a contract or an agreement for the sale of any estate or interest in property to an umbrella VCC for the purpose of a sub‑fund, where the variation is for the purpose of substituting one sub‑fund with another or substituting the sub‑fund with the umbrella VCC, as it applies to a direction mentioned in that provision.
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(5)  Section 22(4) applies with the necessary modifications in relation to a variation of a contract or an agreement for the sale of any estate or interest in property to an umbrella VCC acting for itself, where the variation is for the purpose of substituting the umbrella VCC with one of its sub‑funds, as it applies to a direction mentioned in that provision.
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(6)  Section 33 applies in relation to shares in a VCC as it applies in relation to shares in a company.
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(7)  Section 70B applies in relation to a VCC and a sub‑fund of an umbrella VCC as it applies in relation to a company.
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(8)  A reference to shares in the First Schedule includes shares of a VCC.
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