5.—(1) Schedule 28 to ICTA 1988 (computation of offshore income gains) applies to—
(a)a part of a fund which is regarded as a separate offshore fund by virtue of section 756B(2) of that Act, and
(b)a class of interest, within a main fund, which is regarded as a separate offshore fund by virtue of section 756C(1) of that Act,
subject to the following modifications.
(2) At the end of paragraph 6 add—
“(7) In this paragraph in the case of—
(a)an umbrella fund, part of which is regarded as a separate offshore fund by virtue of section 756B(2), or
(b)a main fund, a class of interest in which is regarded as a separate offshore fund by virtue of section 756C(1),
references to the equalisation account of the offshore fund shall be construed as references to the equalisation account maintained by the umbrella fund or the main fund in respect of the separate offshore fund in question.”.