Paragraph 5
(1)
This paragraph applies in the case of an existing fund which—
(a)
immediately before 1st December 2009 was a non-qualifying fund, and
(b)
on 1st December 2009 becomes a reporting fund.
(2)
Regulation 48 applies as if, for references to the non-reporting fund, there were substituted references to the existing fund.
(3)
Chapter 5 of Part 17 of ICTA applies to determine the offshore income gain arising by virtue of the application of regulation 48.