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The Offshore Funds (Tax) Regulations 2009
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This is a draft item of legislation. This draft has since been made as a UK Statutory Instrument: The Offshore Funds (Tax) Regulations 2009 No. 3001
Meaning of “units in a collective investment scheme”
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88.—(1) For the purposes of regulation 81(d)—
“collective investment scheme” has the meaning given by section 235 of FISMA 2000,
“units” means the rights or interests (however described) of the investors in the collective investment scheme.
(2) In paragraph (1) a “investor”, in relation to a collective investment scheme, means a beneficial owner of units in the scheme, except where the units are held on trust (other than a bare trust) or are comprised in the estate of a deceased person, and in such a case the investor, in relation to the scheme, means the trustees of the trust, or, as the case may be, the deceased’s personal representatives.
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