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37.—(1) If conditions A to D are met, section 127 of TCGA 1992 (equation of original shares and new holding) does not prevent an exchange from constituting a disposal for the purposes of these Regulations.
(2) Condition A is that an offshore fund is constituted by a class of interest (“class A”) in main arrangements.
(3) Condition B is that a participant exchanges an interest of class A for an interest in another offshore fund constituted by a different class of interest (“class B”) in those main arrangements.
(4) Condition C is that the interest of class A is at the time of the exchange an interest in a non-reporting fund.
(5) Condition D is that the interest of class B is at the time of the exchange an interest which is not an interest in a non-reporting fund.
(6) Any disposal to which this regulation applies is to be treated as a disposal for a consideration equal to the market value of the rights at the time of the exchange.
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