Regulation 5 | Treatment of umbrella arrangements

In these Regulations, in relation to an offshore fund constituted by a part of umbrella arrangements (within the meaning of section 40C of FA 2008)—

(a)a reference to the assets of an offshore fund is to such of the assets of the umbrella arrangements as under the arrangements form part of the separate pool to which that part of the umbrella arrangements relates;

(b)a reference to the income of an offshore fund is to the income arising from those assets; and

(c)a reference to a participant in an offshore fund is to a person for the time being owning an interest in that separate pool.