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Amendment of section 747E (disposal of an interest in offshore funds) of Principal Act.
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34.— Section 747E of the Principal Act is amended—
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(a) in subsection (1) by substituting “Subject to subsection (1A), where on or after” for “Where on or after”, and
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(b) by inserting the following after subsection (1):
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“(1A) (a) In this subsection—
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‘umbrella scheme’ means an offshore fund—
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(i) which is divided into a number of sub-funds, and
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(ii) in which each person who has a material interest in a sub-fund is entitled to exchange the whole or part of such interest for an interest in another sub-fund of the offshore fund.
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(b) A disposal under subsection (1) does not include any exchange by a person who has a material interest in a sub-fund of an offshore fund which is an umbrella scheme, effected by way of a bargain made at arm’s length by that offshore fund, of the whole or part of such interest for an interest in another sub-fund of that offshore fund.
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(c) Any exchange referred to in paragraph (b) shall not be regarded as a disposal by a person of a material interest in an offshore fund which is an umbrella scheme.”.
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