Treatment of funds comprising more than one class of interestU.K.
This section has no associated Explanatory Memorandum
6. In these Regulations, in relation to an offshore fund constituted by a class of interest in the main arrangements (within the meaning of section 40D of FA 2008)—
(a)a reference to the assets of an offshore fund is to the assets of the main arrangements;
(b)a reference to the income of an offshore fund is to such of the income of the main fund as is attributable to interests of that class under the arrangements constituting the main arrangements; and
(c)a reference to a participant in an offshore fund is to a person for the time being owning an interest of that class.