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Paragraph 3

Original text. Later amendments are not shown.

(1)

This paragraph applies in the case of an existing fund.

(2)

The fund may apply in writing to HMRC to be treated as a distributing fund in respect of the overlap period.

(3)

If the fund has made a successful application under sub-paragraph (2), the fund may apply in writing to HMRC to continue to be treated as a distributing fund in respect of the succeeding period.

(4)

The repeal by these Regulations of the enactments specified in Schedule 2 does not affect the continued operation of those provisions for the purposes of this paragraph.