{
  "url": "https://openlegislation.uk/offshore-funds-tax-regulations-2009/regulation-120",
  "json_url": "https://openlegislation.uk/offshore-funds-tax-regulations-2009/regulation-120.json",
  "legislation": "uksi/2009/3001",
  "legislation_title": "The Offshore Funds (Tax) Regulations 2009",
  "legislation_url": "https://openlegislation.uk/offshore-funds-tax-regulations-2009",
  "path": "regulation/120",
  "kind": "regulation",
  "number": "120",
  "heading": "Modified application of Chapter 2",
  "text": "(1) Chapter 2 applies with the following modifications.\n(2) In regulation 53 for paragraph (1) substitute—\n“(1) An application must include the following—\n(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,\n(b) a statement that the fund is, or will be, a constant NAV fund at the beginning of that first period of account, and\n(c) an undertaking to notify HMRC if the offshore fund ceases to be a constant NAV fund.”.\n(3) Regulations 55 and 56 do not apply.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2009/3001/regulation/120",
    "retrieved_at": "2026-10-29T03:01:48.652414+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."
}