Commentary on Sections Overview Section 355: Meaning of “offshore fund”
643.This section sets out the main definition of the expression “offshore fund”. It is based on section 40A(2), (3) and (6) of FA 2008.
644.The definition is in turn dependent on the definition of “mutual fund” to be found in section 356.
645.Subsection (3) defines “co-ownership” for the purposes of the section. The meaning is not restricted to the definition of the term in the law of any part of the United Kingdom. It takes its meaning from the law of the territory in which the arrangements take effect.