(1) In this section -

'beneficial owner', in relation to an undertaking, is any individual who is a beneficial owner within the meaning of -

(a) the Investment Limited Partnerships Act 1994, or

(b) the Investment Funds, Companies and Miscellaneous Provisions Act 2005,

and in applying this Chapter to a relevant partnership the beneficial owner of the partnership shall be identified in the same manner as the beneficial owner of an investment limited partnership is identified;

'collective investment scheme' means a relevant investment undertaking -

(a) that is widely held, and

(b) which holds a diversified portfolio of assets;

'EEA Agreement' means the Agreement on the European Economic Area signed at Oporto on 2 May 1992, as adjusted by all subsequent amendments to that Agreement;

'EEA state' means a state which is a contracting party to the EEA Agreement;

'foreign tax', in relation to a relevant territory, means a tax which -

(a) corresponds to corporation tax in the State,

(b) generally applies to income, profits and gains arising to a company that is resident for the purposes of tax in that territory, and

(c) is imposed at a nominal rate greater than zero per cent;