Finance Act 2004

Treatment of umbrella funds and funds comprising more than one class of interest

7 (1) Section 760 of that Act (non-qualifying offshore funds) is amended as follows.

(2) In subsection (10)—

(a) in paragraph (a) for “falling within section 759(1)(a)” substitute “that is not resident in the United Kingdom”, and

(b) in paragraph (b) for “falling within section 759(1)(b)” substitute “of which the trustees are not resident in the United Kingdom”.

(3) After subsection (10) insert—

“(10A) For the purposes of this Chapter, in relation to—

(a) a part of an umbrella fund which is treated as an offshore fund under section 756B, or

(b) a class of interest in an offshore fund which is treated as an offshore fund under section 756C,

references to an account period of the offshore fund are to an account period of the umbrella fund or the main fund (as the case may be).”.