Valid from 22/07/2004
Textual Amendments
F1Ss. 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)
(1)For the purposes of this Chapter where there is more than one class of interest in an offshore fund (the “main fund”)—
(a)each class of interest shall be regarded as a separate offshore fund, and
(b)the main fund shall not be regarded as an offshore fund.
(2)In this section, references to a class of interest in an offshore fund do not include—
(a)a part of an umbrella fund which is regarded as an offshore fund by virtue of section 756B, or
(b)a class of interest in an offshore fund which by virtue of section 759(5), (6) or (8) is not a material interest in the fund.
(3)In this Chapter, in relation to a class of interest in an offshore fund—
(a)a reference to the assets of an offshore fund is to the assets of the main fund;
(b)a reference to the income of an offshore fund is to such of the income of the main fund as is attributable to interests of that class under the arrangements constituting the main fund;
(c)a reference to a person having an interest in an offshore fund is to a person for the time being having an interest of that class; and
(d)a reference to an offshore fund being a non-qualifying fund shall be read in relation to times before the coming into force of this section as a reference to the main fund being a non-qualifying fund.]
Modifications etc. (not altering text)
C1Ss. 756A-756C applied (1.4.2009 with effect in accordance with s. 1329(1) of the affecting Act) by Corporation Tax Act 2009 (c. 4), s. 489 (with Sch. 2 Pts. 1, 2)