1. In this Schedule—U.K.
“distributing fund” means a fund which, immediately before 1st December 2009, was a distributing fund for the purposes of Chapter 5 of Part 17 of ICTA [F1or a fund treated as a distributing fund in accordance with paragraph 3(3A)];
“existing fund” means a fund to which, immediately before 1st December 2009, section 756A of ICTA M1 applied;
“non-qualifying fund” means a fund which, immediately before 1st December 2009, was a non-qualifying fund for the purposes of Chapter 5 of Part 17 of ICTA; the “overlap period” means the period of account of an existing fund which has begun, but not ended, on the day these Regulations come into force; the “succeeding period” means the period of account of the fund immediately following the overlap period.
Textual Amendments
F1Words in Sch. 1 para. 1 inserted (with effect in accordance with reg. 1(2) of the amending S.I.) by The Offshore Funds (Tax) (Amendment) Regulations 2009 (S.I. 2009/3139), regs. 1(1), 5(2)
Marginal Citations
M1Section 756A was inserted by paragraph 3 of Schedule 26 to the Finance Act 2004 (c. 12) and amended by section 57(2) of the Finance Act 2007 (c. 11). Section 756A is repealed by these Regulations (see regulation 13(2) and Schedule 2) subject to the saving contained in paragraph 3(4) of this Schedule (see regulation 13(3)).