S361 TIOPA 2010 considers a case where there is more than one class of interest in any arrangements. This includes the case where there is more than one class of interest in a part of an umbrella arrangement (sub-fund).

Where there is more than one class of interest in a sub-fund, each class of interest is treated as a separate arrangement and looked at separately for the purpose of determining whether that class of interest constitutes a mutual fund and an offshore fund, while the main arrangements are disregarded.

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