PART 4CONSEQUENTIAL AMENDMENTS

Amendment of TCGA 1992127

1

TCGA 1992 is amended as follows.

2

In section 108(1)(c) (identification of relevant securities for corporation tax)—

a

omit “, or have at any time been,”, and

b

for “material interests in a non-qualifying offshore fund, within the meaning of Chapter V of Part XVII of that Act” substitute “ interests in a non-reporting fund, within the meaning of regulations made under section 41(1) of the Finance Act 2008 (see Part 2 of the Offshore Funds (Tax) Regulations 2009 (S.I. 2009/3001)) ”.

3

In section 212 M1 (annual deemed disposal of holdings of unit trusts, etc.)—

a

in subsection (1)(b) for “relevant interests in an offshore fund” substitute “ interests in an offshore fund within the meaning of section 40A of the Finance Act 2008 ”, and

b

omit subsections (5) to (7).

4

In paragraph 7 of Schedule 7AD M2 (gains of insurance company from venture capital investment partnership: disposal of partnership asset giving rise to offshore income gain)—

a

in sub-paragraph (1) for “Chapter 5 of Part 17 of the Taxes Act (offshore funds)” substitute “ regulations made under section 41(1) of the Finance Act 2008 (see the Offshore Funds (Tax) Regulations 2009 (S.I. 2009/3001)) ”, and

b

in sub-paragraph (2) for “that Chapter” substitute “ such regulations ”.