(1) Part 27 of the Principal Act is amended by the insertion after Chapter 3 of the following:
"Chapter 4 Certain Offshore Funds - Taxation and Returns
747B. Interpretation and application.
(1) In this Chapter -
'chargeable period' has the same meaning as in section 321(2);
'EEA Agreement' means the Agreement on the European Economic Area signed at Oporto on 2 May 1992, as adjusted by the Protocol signed at Brussels on 17 March 1993;
'EEA state' means a State, other than the State, which is a Contracting Party to the EEA Agreement;
'material interest' shall be construed in accordance with section 743;
'OECD' means the organisation known as the Organisation for Economic Co-operation and Development;
'offshore fund' has the meaning assigned to it by section 743;
'offshore state' means a State, other than the State, which is -
(i) a Member State of the European Communities,
(ii) a State which is an EEA state, or
(iii) a State which is a member of the OECD, the government of which have ent
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