(1) In this section—

"management company", in relation to a relevant UCITS, means a management company within the meaning of the relevant Directives;

"relevant Directives" means Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 (OJ No. L302 of 17 November 2009, p. 32) on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS), and any Directive amending that Directive;

"relevant profits", in relation to a relevant UCITS, means the profits which would be relevant profits (within the meaning of section 739B) if the relevant UCITS were an investment undertaking (within the meaning of that section);

"relevant UCITS" means an undertaking for collective investment in transferable securities—

(i) to which the relevant Directives apply,

(ii) which is formed under the laws of any of the Member States of the European Union other than the State, and

(iii)(I) the management company of which is authorised under any laws of the State which implement the relevant Directives, and

(II) which, if the management company were not so authorised, would not be liable to tax in the State.

(2) Notwithstanding anything in the Tax Acts and the Capital Gains Tax Acts, a relevant UCITS shall not be chargeable to tax in respect of relevant profits.

(3) An interest in a relevant UCITS shall be treated for the purposes of this Part as an interest in a company, scheme or arrangement specified in section 743(1).