- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Gwreiddiol (a wnaed Fel)
There are currently no known outstanding effects for the The Offshore Funds (Tax) Regulations 2009, Cross Heading: Modified application of this Part.
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119. In the case of a constant NAV fund, Chapters 2 to 11 of this Part apply with the following modifications.
120.—(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.”.
(3) Regulations 55 and 56 do not apply.
121.—(1) Chapter 3 applies with the following modifications.
(2) For regulation 57 substitute—
57A.—(1) Unless HMRC reject an application because an item specified in regulation 53(1) has not been supplied, the offshore fund becomes a constant NAV fund on whichever is the later of—
(a)the first day of the first period of account mentioned in regulation 53(1)(a), or
(b)the day on which the fund is established.
(2) This Part applies to the constant NAV fund and to its participants on and after the date specified in paragraph (1).
(3) Once this Part has begun to apply to a constant NAV fund, it shall continue to apply unless and until the fund notifies HMRC that it has ceased to be a constant NAV fund.
(4) See regulation 108A for the consequences where the net asset value of the fund has risen by more than an insignificant amount and the fund has not notified HMRC that it has ceased to be a constant NAV fund.”.
(3) Regulation 58 does not apply.
122. Chapters 4 to 9 do not apply.
123. For regulations 108 to 115 substitute—
108A.—(1) This regulation applies if—
(a)this Part applies to a constant NAV fund,
(b)the net asset value of the fund (expressed in the currency in which units are issued) has risen by more than an insignificant amount, and
(c)the fund has not notified HMRC that it has ceased to be a constant NAV fund.
(2) But this regulation does not apply if the net asset value of a constant NAV fund (expressed in the currency in which units are issued) has fallen by more than an insignificant amount.
(3) A participant who disposes of an interest in the fund and who makes a chargeable gain on the disposal is treated as making an offshore income gain.”.
124. Chapter 11 does not apply.
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