SCHEDULES

SCHEDULE 22Offshore funds

Part 1Meaning of “offshore fund”

FA 2008

5

After that section insert—

42ARegulations: procedure

1

Regulations under this group of sections are to be made by statutory instrument.

2

The following regulations may not be made unless a draft of the instrument containing them has been laid before, and approved by a resolution of, the House of Commons—

a

regulations under section 40B(6),

b

regulations under section 40G(1), and

c

the first regulations under section 41(1).

3

A statutory instrument containing any other regulations under this group of sections is subject to annulment in pursuance of a resolution of the House of Commons, unless a draft of the instrument has been laid before, and approved by a resolution of, the House of Commons.