Related Commentary  

3(1)  Section 758 of ICTA 1988 applies to–

(a)a part of an umbrella fund which is regarded as a separate offshore fund by virtue of section 756B(2) of that Act, and

(b)a class of interest, within a main fund, which is regarded as separate offshore fund by virtue of section 756C(1) of that Act,

subject to the following modifications.

3(2)  For subsection (1)(b) substitute–

“(b)the umbrella fund or main fund makes a distribution to–

(i)a holder of units in a part of that fund which is regarded as a separate offshore fund by virtue of section 756B(2); or

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