{
  "url": "https://openlegislation.uk/offshore-funds-regulations-2004/regulation-3",
  "json_url": "https://openlegislation.uk/offshore-funds-regulations-2004/regulation-3.json",
  "legislation": "uksi/2004/2572",
  "legislation_title": "The Offshore Funds Regulations 2004",
  "legislation_url": "https://openlegislation.uk/offshore-funds-regulations-2004",
  "path": "regulation/3",
  "kind": "regulation",
  "number": "3",
  "heading": "Section 758 of ICTA 1988",
  "text": "(1) Section 758 of ICTA 1988 applies to—\n(a) a part of an umbrella fund which is regarded as a separate offshore fund by virtue of section 756B(2) of that Act, and\n(b) a class of interest, within a main fund, which is regarded as separate offshore fund by virtue of section 756C(1) of that Act,\nsubject to the following modifications.\n(2) For subsection (1)(b) substitute—\n“(b) the umbrella fund or main fund makes a distribution to—\n(i) a holder of units in a part of that fund which is regarded as a separate offshore fund by virtue of section 756B(2); or\n(ii) a holder of a class of interest in an offshore fund which is regarded as a separate offshore fund by virtue of section 756C(1);\nfor a period which begins before the date of his acquisition of those units or that interest;”.\n(3) After subsection (1) insert—\n“(1A) In this section in the case of—\n(a) an umbrella fund, part of which is regarded as a separate offshore fund by virtue of section 756B(2), or\n(b) a main fund, a class of interest in which is regarded as a separate offshore fund by virtue of section 756C(1),\nreferences to the equalisation arrangements or to the equalisation account of the offshore fund shall be construed respectively as references to the equalisation arrangements of, or to the equalisation account maintained by, the umbrella fund or the main fund in respect of the separate offshore fund in question.”.\n(4) For subsection (2)(a) substitute—\n“(a) his acquisition is by way of subscription for, or allotment of new shares, units or other classes of interest issued or created—\n(i) by an umbrella fund;\n(ii) in a fund which is regarded as a separate offshore fund by virtue of section 756B(2);\n(iii) by a main fund; or\n(iv) in a class of interest which is regarded as a separate offshore fund by virtue of section 756C(1);”.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2004/2572/regulation/3",
    "retrieved_at": "2026-10-29T05:17:49.620590+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}