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)