Section 261L(5)

Section 138A and subsections (1) to (3), (5) and (6) of section 138B have effect in relation to a direction under subsection (3) as they have effect in relation to a direction under section 138A(1) but with the following modifications— subsection (4)(a) of section 138A is to be read as if the words “by the person” were omitted; section 138B(3)(c) and the definition of “immediate group” in section 421ZA as it applies to that section are to be read as if references to the person were references to each of the operator and the depositary of the scheme; section 138B(3)(c) is to be read, in relation to a participant in the scheme, as if the word “commercial” were omitted; section 138B(5) is to be read as if the reference to the person concerned were a reference to the scheme concerned and to its operator and depositary; and section 138A(7) is to be read as if the reference to the person were a reference to the operator and depositary of the scheme acting jointly.

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Source: legislation.gov.uk · retrieved 2026-09-04