Finance Act 2004

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”.