# The Offshore Funds (Tax) Regulations 2009, Regulation 120: Modified application of Chapter 2


(1) Chapter 2 applies with the following modifications.
(2) 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.”.
(3) Regulations 55 and 56 do not apply.

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Source: https://www.legislation.gov.uk/uksi/2009/3001/regulation/120 (the official version)
Page: https://openlegislation.uk/offshore-funds-tax-regulations-2009/regulation-120
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.