Transitional provision
8.—(1) This regulation applies to an authorised investment fund (“the fund”) which, on 5th March 2011, met the requirement of paragraph (2).
(2) The requirement is that the fund did not meet the investment condition in regulation 85D of the principal Regulations by virtue of holding an interest in an offshore fund that is treated as creditor relationship rights under section 490 of 2009 CTA(1) (a “relevant interest”).
(3) A relevant interest shall continue to be treated as not being an interest in a non-reporting fund for the purposes of regulation 85E of the principal Regulations for the period beginning on 6th March 2011 and ending on 5th July 2011.
2009 c. 4, section 490 was amended by regulation 131 of the Offshore Funds (Tax) Regulations 2009 (S.I. 2009/3001).