Regulation 2 Interpretation: Part 2

In this Part—

• “the 2009 Regulations” means the Offshore Funds (Tax) Regulations 2009^f1;

• “accounting period” has the meaning given by regulation 33;

• “depositary”, in relation to a co-ownership scheme, has the meaning given by section 237(2) of FISMA 2000;

• “disposal”, in relation to an asset, has the meaning it has in section 21 of TCGA 1992;

• “entry notice” has the meaning given by regulation 4(1);

• “exempt investor condition” has the meaning given by regulation 14;

• “exit notice” has the meaning given by regulation 22;

• “FISMA 2000” means the Financial Services and Markets Act 2000^f2;

• “genuine diversity of ownership condition” has the meaning given by regulation 7;

• “information reporting date”, in relation to an accounting period, means the date 6 months after the end of the accounting period;

• “non-close condition” has the meaning given by regulation 8;

• “non-UK property assets condition” has the meaning given by regulation 11;

• “the operator”, in relation to a co-ownership scheme, has the meaning given by section 237(2) of FISMA 2000 (see paragraph (aa) of that definition)^f3;

• “ownership requirement” has the meaning given by regulation 5(4);

• “participant”, in relation to a co-ownership scheme, has the meaning given by section 235 of FISMA 2000;

• “qualifying conditions” has the meaning given by regulation 5(3);

• “restriction conditions” has the meaning given by regulation 10(2);

• “restriction requirement” has the meaning given by regulation 10(1);

• “UK-based condition” has the meaning given by regulation 6;

• “UK property rich condition” has the meaning given by regulation 12.

In this Part, a reference to an asset, or any other interest, of, or belonging to, a co-ownership scheme (however expressed) is a reference to an asset, or any other interest, that is subject to the scheme.