SCHEDULES
SCHEDULE 27DISTRIBUTING FUNDS
PART IIMODIFICATIONS OF CONDITIONS FOR CERTIFICATION IN CERTAIN CASES
Exclusion of investments in distributing offshore funds
9
1
The references in paragraphs 7 and 8(1) above to the primary fund’s share of—
a
an interest forming part of the assets of the qualifying fund, or
b
the excess income (as defined in paragraph 8 above) of the qualifying fund,
shall be construed as references to the fraction specified in sub-paragraph (2) below of that interest or excess income.
2
In relation to any account period of the primary fund, the fraction referred to in sub-paragraph (1) above is—
where—
C is the average value of the primary fund’s holding of interests in the qualifying fund during that period; and
D is the average value of all the interests in the qualifying fund held by any persons during that period.