PART XVII TAX AVOIDANCE
CHAPTER V OFFSHORE FUNDS
F1Meaning of offshore fund
756AGeneral definition of offshore fund
1
In this Chapter references to an offshore fund are to a collective investment scheme constituted by—
a
a company that is resident outside the United Kingdom, or
b
a unit trust scheme the trustees of which are not resident in the United Kingdom, or
c
arrangements not falling within paragraph (a) or (b) taking effect by virtue of the law of a territory outside the United Kingdom and which under that law create rights in the nature of co-ownership (without restricting that expression to its meaning in the law of any part of the United Kingdom).
2
Subsection (1) has effect subject to—
section 756B (treatment of umbrella funds), and
section 756C (treatment of funds comprising more than one class of interest).
3
In this section “collective investment scheme” has the meaning given by section 235 of the Financial Services and Markets Act 2000.
Ss. 756A-756C and preceding cross-headings inserted (with effect in accordance with s. 145(2) of the amending Act) by Finance Act 2004 (c. 12), Sch. 26 para. 3 (with Sch. 26 para. 17)