Part 8Offshore funds
Tax treatment of participants in offshore funds
359Power to make regulations about exceptions to definition of “mutual fund”
1
The Treasury may by regulations amend or repeal any provision of section 357 or 358.
2
The Treasury may by regulations provide that arrangements are not a mutual fund for the purposes of section 355—
a
in specified circumstances, or
b
if they are of a specified description.
3
Regulations under this section may include provision having effect in relation to the tax year, or accounting periods, current on the day on which the regulations are made.
4
Regulations under subsection (1) may only be made if a draft of the statutory instrument containing the regulations has been laid before and approved by a resolution of the House of Commons.