Regulation 120 Modified application of Chapter 2

Chapter 2 applies with the following modifications.

In regulation 53 for paragraph (1) substitute—

“(1)

An application must include the following—

(a)

a statement of the first period of account for which it is proposed that the fund should be treated as a constant NAV fund for the purposes of these Regulations,

(b)

a statement that the fund is, or will be, a constant NAV fund at the beginning of that first period of account, and

(c)

an undertaking to notify HMRC if the offshore fund ceases to be a constant NAV fund.”.

Regulations 55 and 56 do not apply.