PART 4CONSEQUENTIAL AMENDMENTS

Amendment of ITTOIA 2005128

1

ITTOIA 2005 is amended as follows.

2

In section 378A(7) M1, (offshore fund distributions), in the definition of “offshore fund”, for “Chapter 5 of Part 17 of ICTA (see sections 756A to 756C of that Act)” substitute “ section 40A of FA 2008 ”.

3

In section 632 (offshore income gains)—

a

in subsection (2) for “section 761(1) of ICTA (charge to income tax of offshore income gain)” substitute “ regulation 17 of the Offshore Funds (Tax) Regulations 2009 (S.I. 2009/3001) (charge to tax) ” , and

b

in subsection (3) for “Chapter 5 of Part 17 of ICTA (charge to income tax of offshore income gains)” substitute “ Chapter 5 of Part 2 of those Regulations ”.

4

In section 830(4) M2 (meaning of “relevant foreign income”) for paragraph (aa) substitute—

aa

regulation 19 of the Offshore Funds (Tax) Regulations 2009 (S.I. 2009/3001),