SCHEDULES
C1SCHEDULE 27 DISTRIBUTING FUNDS M1
Source—[1984 Sch.19; 1986 s.50; 1987 (No.2) s.66]
PART II MODIFICATIONS OF CONDITIONS FOR CERTIFICATION IN CERTAIN CASES
Offshore funds investing in trading companies
10
1
In any case where the assets of an offshore fund for the time being include an interest in a trading company, as defined in sub-paragraph (2) below, the provisions of section 760(3) have effect subject to the modifications in sub-paragraphs (3) and (4) below.
2
In this paragraph “trading company” means a company whose business consists wholly of the carrying on of a trade or trades and does not to any extent consist of—
a
dealing in commodities, as defined in paragraph 4(2) above, or dealing, as so defined, in currency, securities, debts or other assets of a financial nature; or
b
banking or money-lending.
3
In the application of section 760(3)(b) to so much of the assets of an offshore fund as for the time being consists of interests in a single trading company, for the words “10 per cent.” there shall be substituted the words “
20 per cent.
”
.
4
In the application of section 760(3)(c) to an offshore fund the assets of which for the time being include any issued share capital of a trading company or any class of that share capital, for the words “more than 10 per cent.” there shall be substituted the words “
50 per cent. or more
”
.
Sch. 27 applied (with modifications) (22.10.2004 with effect in accordance with reg. 1(2) of the affecting S.I.) by The Offshore Funds Regulations 2004 (S.I. 2004/2572), regs. 1(1), 4