- 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, Section 43.
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43.—(1) This regulation applies if—
(a)a person acquired rights (the “protected rights”) in an offshore fund—
(i)before 1st December 2009, or
(ii)in accordance with paragraph (2),
(b)immediately before 1st December 2009 those rights did not constitute a material interest in an offshore fund within the meaning of that expression given by section 759 of ICTA M1, and
(c)on or after 1st December 2009 the person acquires additional rights in the offshore fund (the “non-protected rights”).
(2) Rights are acquired in accordance with this paragraph if—
(a)the rights are acquired by the participant in accordance with a legally enforceable agreement in writing that was entered into by the participant before 30th April 2009,
(b)in the case of an agreement which was conditional, the conditions are met before that date, and
(c)the agreement is not varied on or after that date.
(3) For the purposes of tax in respect of chargeable gains—
(a)section 104 of TCGA 1992 M2 (share pooling: general interpretative provisions) applies as if the protected rights were assets of a different class from the non-protected rights, and
(b)all the protected rights must be treated as disposed of before any of the non-protected rights may be so treated.
Marginal Citations
M1Section 759 is repealed by these Regulations (see regulation 13(2) and Schedule 2) subject to the saving contained in paragraph 3(4) of Schedule 1 (see regulation 13(3) of these Regulations).
M2Section 104 was amended by sections 123(1) to (4) and 125(3) of the Finance Act 1998, paragraph 17 of Schedule 12 to the Finance Act 2006 (c. 25) and paragraph 85 of Schedule 2 to the Finance Act 2008.
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