SCHEDULES

SCHEDULE 26Offshore funds

Treatment of umbrella funds and funds comprising more than one class of interest

5

In section 758 of that Act (offshore funds operating equalisation arrangements), after subsection (6) insert—

7

The Treasury may make provision by regulations as to the application of the provisions of this section in relation to—

a

a part of an umbrella fund which is treated as an offshore fund under section 756B, or

b

a class of interest in an offshore fund which is treated as an offshore fund under section 756C.

8

Regulations under subsection (7) may—

a

make different provision for different cases, and

b

include such supplementary, incidental, consequential or transitional provisions (including provisions modifying the effect of other enactments) as appear to the Treasury to be necessary or expedient.