3.—(1) In these Regulations “offshore fund” has the meaning given by section 40A(2) of FA 2008(1) (read with the provisions of the relevant group of sections).
(2) Paragraph (1) does not apply to the use of the words “offshore fund” in the expression “material interest in an offshore fund”.
4.—(1) Offshore funds consist of—
(a)non-reporting funds (see Part 2 of these Regulations), and
(b)reporting funds (see Part 3 of these Regulations).
(2) An offshore fund is a non-reporting fund unless it is a fund to which Part 3 of these Regulations applies for a period of account.
Sections 40A to 40G of the Finance Act 2008 were inserted by paragraph 2 of Schedule 22 to the Finance Act 2009.