SCHEDULES
SCHEDULE 26Offshore funds
Treatment of umbrella funds and funds comprising more than one class of interest
6
1
Section 759 of that Act (material interests in offshore funds) is amended as follows.
2
Omit subsections (1) and (1A).
3
In subsection (2) for “a company, unit trust scheme or arrangements” substitute “
an offshore fund
”
.
4
In subsection (3) for the words from “the assets of” to the end substitute “
the assets of the fund
”
.
5
In subsection (5) for “a company, scheme or arrangements” substitute “
an offshore fund
”
.
6
In subsections (6) and (8)—
a
for “falling within subsection (1)(a) above” substitute “
that is not resident in the United Kingdom
”
;
b
after “material interest” insert “
in an offshore fund
”
.