SCHEDULES
F1F1SCHEDULE 27
PART II MODIFICATIONS OF CONDITIONS FOR CERTIFICATION IN CERTAIN CASES
Offshore funds with wholly-owned subsidiaries
11
1
2
Subject to sub-paragraph (3) below, for the purposes of this paragraph, a company is a wholly-owned subsidiary of an offshore fund if and so long as the whole of the issued share capital of the company is—
a
in the case of an offshore fund falling within F4section 756A(1)(a), directly and beneficially owned by the fund; and
b
in the case of an offshore fund falling within F5section 756A(1)(b), directly owned by the trustees of the fund for the benefit of the fund; and
c
in the case of an offshore fund falling within F6section 756A(1)(c), owned in a manner which, as near as may be, corresponds either to paragraph (a) or paragraph (b) above.
3
In the case of a company which has only one class of issued share capital, the reference in sub-paragraph (2) above to the whole of the issued share capital shall be construed as a reference to at least 95 per cent. of that share capital.
4
The modifications referred to in sub-paragraph (1) above are that, for the purposes of F2. . . Part I of this Schedule—
a
that percentage of the receipts, expenditure, assets and liabilities of the subsidiary which is equal to the percentage of the issued share capital of the company concerned which is owned as mentioned in sub-paragraph (2) above shall be regarded as the receipts, expenditure, assets and liabilities of the fund; and
b
there shall be left out of account the interest of the fund in the subsidiary and any distributions or other payments made by the subsidiary to the fund or by the fund to the subsidiary.
Sch. 27 repealed (1.12.2009 with effect in accordance with reg. 1(2) of the repealing S.I.) by The Offshore Funds (Tax) Regulations 2009 (S.I. 2009/3001), regs. 1(1), 13(2)(3), Sch. 2 (with saving in Sch. 1 para. 3(4)) (subject, as saved, to modification by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 9 para. 24)