Paragraph 7
United Kingdom
The modification referred to in paragraph 6(3)(a) above is that, in any case where—
at any time in the account period referred to in paragraph 6(1) above, the assets of the primary fund include an interest in an offshore fund or in any company (whether an offshore fund or not); and
that interest falls to be taken into account in determining whether anything in F1section 760(3)(a) prevents the primary fund being certified as a distributing fund in respect of that account period; and
at any time in that account period the assets of the qualifying fund include an interest in the offshore fund or company referred to in paragraph (a) above;
for the purposes of the application in relation to the primary fund of section 760(3)(a), at any time when the assets of the qualifying fund include the interest referred to in paragraph (c) above, the primary fund’s share of that interest shall be treated as an additional asset of the primary fund.
Annotations
Textual amendments
- F1
Words in Sch. 27 para. 7 substituted (with effect in accordance with s. 145(2) of the amending Act) by Finance Act 2004 (c. 12), Sch. 26 para. 14(3) (with Sch. 26 para. 17)
Notes on Schedule 27
Textual amendments
- F1
Sch. 27 repealed (1.12.2009 with effect in accordance with reg. 1(2) of the repealing S.I.) by The Offshore Funds (Tax) Regulations 2009 (S.I. 2009/3001), regs. 1(1), 13(2)(3), Sch. 2 (with saving in Sch. 1 para. 3(4)) (subject, as saved, to modification by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 9 para. 24)