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
”
.