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.