Modifications etc. (not altering text)
C1Sch. 10 modified (28.4.1997) by S.I. 1997/1154, reg.19(1)-(10)
7(1)For the purposes of paragraph 4 above an interest is a relevant interest in an offshore fund if—U.K.
(a)it is a material interest in an offshore fund for the purposes of Chapter V of Part XVII of the Taxes Act 1988; or
(b)it would be such an interest if the assumption mentioned in sub-paragraph (2) below were made.
(2)That assumption is that the unit trust schemes and arrangements referred to in [F1paragraphs (b) and (c) of subsection (1) of section 756A] of the Taxes Act 1988 are not limited to those which are also collective investment schemes.
Textual Amendments
F1Words in Sch. 10 para. 7 substituted (with effect in accordance with s. 145(2) of the amending Act) by Finance Act 2004 (c. 12), Sch. 26 para. 12(2) (with Sch. 26 para. 17)
Modifications etc. (not altering text)
C2Sch. 10 para. 7 applied (29.4.1996) by 1992 c. 12, s. 117B(8) (as inserted (29.4.1996) by 1996 c. 8, s. 104, Sch. 14 para. 62 (with savings in Pt. IV Ch. II))