31A(1)  No liability to tax arises under regulation 17 if conditions A to D are met.

31A(2)  Condition A is that the disposal is a disposal of an interest in an offshore fund.

31A(3)  Condition B is that the sole or main purpose of the fund is to invest in qualifying companies.

31A(4)  Condition C is that throughout the period starting with the date on which the interest was acquired and ending 12 months before the date of the disposal the fund met the investment condition.

This is subject to paragraph (6).

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