2.—(1) This paragraph applies in the case of an existing fund which, on 1st December 2009, becomes a non-reporting fund.U.K.
(2) A participant begins to have an interest in the non-reporting fund at the beginning of the accounting period of the non-reporting fund current on 1st December 2009.
(3) An offshore income gain arising to a person on the disposal of an asset must be computed in accordance with Part 2, but is to have regard to the entirety of the period of the person's ownership of the asset.