Regulation 4

any prescribed person in respect of any loss arising from —

the sale, maturity, redemption or transfer of both legal and beneficial ownership (other than sale or by way of a securities lending and repurchase arrangement) of any designated investments if any gains or profits realised from such sale, maturity, redemption or transfer would have been exempt from tax under regulation 3; and

any transaction, other than those falling under sub-paragraph (i), in respect of any designated investments if any gains or profits from such transaction would have been exempt from tax under regulation 3;

any relevant owner or relevant beneficiary, as the case may be, of any prescribed person or the trust fund for which the prescribed person is the trustee in respect of any loss arising from sales or transactions of the types described in paragraph (a) which are otherwise attributable to such relevant owner or relevant beneficiary.