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 ”.