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(3) Chargeable gains accruing to a qualifying unit trust in any year of assessment shall be chargeable to capital gains tax at one-half of the rate specified in section 28(3).

(a) where the total amount of chargeable gains accruing to the company for the accounting period derives from the disposal of qualifying units, the amount which apart from this section would be included in respect of chargeable gains in the company’s total profits for the accounting period under section 78(1) shall be reduced by 50 per cent,

the amount which apart from this section would be included in respect of chargeable gains in the company’s total profits for the accounting period under section 78(1) shall be reduced by such amount as bears to the amount to be so included the same proportion as one-half of the amount referred to in subparagraph (i) bears to the total of the amounts referred to in subparagraphs (i) and (ii).

“securities” includes securities within section 607 and stocks, shares, bonds and obligations of any government, municipal corporation, company or other body corporate;

(i) which is a registered unit trust scheme (within the meaning of section 3 of the Unit Trusts Act, 1972),

(v) which, at all times since it was registered in the register established under the Unit Trusts Act, 1972, but subject to subsection (7), satisfied the conditions specified in subsection (6), and

(a) for the period ending on the 5th day of April, 1978, in the case where the unit trust became registered in the register established under the Unit Trusts Act, 1972, before the 6th day of April, 1976, and

(i) which is a registered unit trust scheme (within the meaning of section 3 of the Unit Trusts Act, 1972),