SCHEDULES

SCHEDULE 26Offshore funds

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

8

1

Schedule 27 to that Act (distributing funds: supplementary) is amended as follows.

2

In paragraph 3 (1) for “section 759(1)(b) or (c)” substitute “ section 756A(1)(b) or (c) ”.

3

In paragraph 11—

a

in sub-paragraph (2)(a) for “section 759(1)(a)” substitute “ section 756A(1)(a) ”;

b

in sub-paragraph (2)(b) for “section 759(1)(b)” substitute “ section 756A(1)(b) ”;

c

in sub-paragraph (2)(c) for “section 759(1)(c)” substitute “ section 756A(1)(c) ”.

4

After paragraph 20 insert—

Application of this Schedule in relation to umbrella funds and funds comprising more than one class of interest

21

1

The Treasury may make provision by regulations as to the application of the provisions of this Schedule 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.

2

Regulations under this paragraph may—

a

make different provision for different cases, and

b

include such supplementary, incidental, consequential or transitional provisions (including provisions modifying the effect of other enactments) as appear to the Treasury to be necessary or expedient.