3.—(1) In these Regulations “offshore fund” has the meaning given by section 40A(2) of FA 2008 M1 (read with the provisions of the relevant group of sections).
(2) Paragraph (1) does not apply to the use of the words “offshore fund” in the expression “material interest in an offshore fund”.
Marginal Citations
M1Sections 40A to 40G of the Finance Act 2008 were inserted by paragraph 2 of Schedule 22 to the Finance Act 2009.
4.—(1) Offshore funds consist of—
(a)non-reporting funds (see Part 2 of these Regulations), and
(b)reporting funds (see Part 3 of these Regulations).
(2) [F1In a period of account] an offshore fund is a non-reporting fund unless it is a fund to which Part 3 of these Regulations applies F2....
Textual Amendments
F1Words in reg. 4(2) inserted (with effect in accordance with reg. 1(2) of the amending S.I.) by The Offshore Funds (Tax) (Amendment) Regulations 2011 (S.I. 2011/1211), regs. 1(1), 28(a)
F2Words in reg. 4(2) omitted (with effect in accordance with reg. 1(2) of the amending S.I.) by virtue of The Offshore Funds (Tax) (Amendment) Regulations 2011 (S.I. 2011/1211), regs. 1(1), 28(b)