In subsection (2), for paragraphs (a) and (b) substitute—

“(a)

an offshore fund comprising a part of umbrella arrangements, and

(b)

an offshore fund comprising arrangements relating to a class of interest in other arrangements (see section 40D).”

In subsection (3), for the words from “may” to the end substitute“, in particular—

(a)

repeal Chapter 5 of Part 17 of ICTA (offshore funds), and

(b)

make provision consequential on the repeal of provisions of that Chapter.”

For subsection (5) substitute—

“(5)

Regulations under section 41 may, in particular, provide for provisions to have effect in relation to the tax year, or accounting periods, current on the day on which the regulations are made.”