SCHEDULES
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”.