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Changes over time for: Cross Heading: Treatment of umbrella funds and funds comprising more than one class of interest


Timeline of Changes
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Version Superseded: 01/12/2009
Status:
Point in time view as at 06/04/2007.
Changes to legislation:
There are currently no known outstanding effects for the Finance Act 2004, Cross Heading: Treatment of umbrella funds and funds comprising more than one class of interest.

Changes to Legislation
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Treatment of umbrella funds and funds comprising more than one class of interestU.K.
4(1)Section 757 of that Act (disposal of material interests in offshore funds) is amended as follows.U.K.
(2)In subsection (1)(b) for the words from “the company or unit trust scheme” to the end substitute “ the interest was a material interest in a non-qualifying offshore fund ”.
(3)In subsection (5)—
(a)for the words from “if the company that is company A” to the end of the first sentence substitute “to the extent that—
(a)the interest in the entity that is company A for the purposes of that section that is exchanged is or was at a material time an interest in a non-qualifying offshore fund, and
(b)the interest in the entity that is company B for those purposes that is exchanged is not an interest in such a fund.”;
(b)in the second sentence, for the words in brackets substitute “ (of interests in or of an entity that are or were at a material time interests in a non-qualifying offshore fund) ”.
(4)In subsection (6)—
(a)for the words from “so as to require persons” to the end of the first sentence substitute “to the extent that—
(a)the interest in the entity that is company A for the purposes of that section that is exchanged is or was at a material time an interest in a non-qualifying offshore fund, and
(b)the interest in the entity that is company B for those purposes that is exchanged is not an interest in such a fund.”;
(b)in the second sentence, for the words in brackets substitute “ (of interests in or of an entity that are or were at a material time interests in a non-qualifying offshore fund) ”.
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