Regulation 4 Gross payment of interest distributions

After regulation 33 insert—

“The offshore marketing condition

33A.

The offshore marketing condition is met with respect to a class of units if—

(a)

marketing of units of that class is not directed to investors resident in the United Kingdom, and

(b)

before units of that class are acquired, information in relation to those units is available to investors to the effect that—

(i)

no sum representing income tax will be deducted from any interest distribution in relation to those units, and

(ii)

an investor must notify HM Revenue and Customs of any distribution in relation to such units if the investor is chargeable to income tax for the tax year in which the distribution date falls.”