Regulation 45 Amendment to the Corporation Tax Act 2009I1

for “But arrangements” substitute—

“But the following are not treated as such a holding—

(a)

arrangements”, and

for “are not treated as such a holding” substitute-

“, and

(b)

a holding in an offshore fund (including a unit trust which is also an offshore fund) if the income arising to the fund is treated as the income of the company”.