SCHEDULE 26Offshore funds
Investment conditions to be met by funds seeking certification as distributing fund
14
(1)
In Schedule 27 to the Taxes Act 1988 (distributing funds), Part 2 (modifications of conditions for certification in certain cases) is amended as follows.
(2)
In paragraph 6—
(a)
in sub-paragraph (1)(b) for the words from the beginning to “section 760” substitute “
those interests are such that, by virtue of section 760(3)(a)
”
;
(b)
in the words following paragraph (c) of sub-paragraph (1), for “section 760(3)(a) to (c)” substitute “
section 760(3)(a)
”
;
(c)
in sub-paragraph (3)(a) for “section 760(3)(a) to (c)” substitute “
section 760(3)(a)
”
.
(3)
In paragraph 7 for “section 760(3)(a) to (c)”
(in both places) substitute “
section 760(3)(a)
”
.
(4)
Omit paragraph 10.
(5)
In paragraph 11—
(a)
in sub-paragraphs (1) and (4), omit “section 760(3) and”, and
(b)
in sub-paragraph (1) for “sub-paragraph (3)” substitute “
sub-paragraph (4)
”
.
(6)
Omit paragraphs 12 and 13.
(7)
In paragraph 14, for “any of the conditions in paragraphs (a) to (c) of section 760(3)” substitute “
the condition in section 760(3)(a)
”
.
(8)
In paragraph 16(1), omit “by a trustee or officer thereof”.