13(1)For paragraph 8 of that Schedule (entitlement of member for tax purposes) there shall be substituted the following paragraph—U.K.
“8(1)Subject to sub-paragraph (2) below, a member shall be treated for the purposes of the Income Tax Acts and the Gains Tax Acts as absolutely entitled as against the trustees to the assets forming part of his special reserve fund.
(2)Where an asset is disposed of by a member to the trustees of his special reserve fund, nothing in sub-paragraph (1) above shall affect the operation of the Gains Tax Acts in relation to that disposal.”
(2)This paragraph has effect for the year 1994-95 and subsequent years of assessment.