Regulation 120 | Modified application of Chapter 2

(1)Chapter 2 applies with the following modifications.

(2)In regulation 53 for paragraph (1) substitute—

(1)An application must include the following—

(a)a statement of the first period of account for which it is proposed that the fund should be treated as a constant NAV fund for the purposes of these Regulations,

(b)a statement that the fund is, or will be, a constant NAV fund at the beginning of that first period of account, and

(c)an undertaking to notify HMRC if the offshore fund ceases to be a constant NAV fund.

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(3)Regulations 55 and 56 do not apply.