PART 4CONSEQUENTIAL AMENDMENTS
Amendment of ITA 2007129
1
ITA 2007 is amended as follows.
2
In section 152(8) M1
(losses from miscellaneous transactions) for “section 761(1)(b)(i) of ICTA” substitute “
regulation 17 of the Offshore Funds (Tax) Regulations 2009 (S.I. 2009/3001)
”
.
3
In section 482 (types of amount to be charged at special rates for trustees), in the description of “Type 3”, for “section 761(1) of ICTA (offshore income gains)” substitute “
regulation 17 of the Offshore Funds (Tax) Regulations 2009 (S.I. 2009/3001)
”
.
4
In section 535 (exemption for offshore income gains)—
a
in subsection (3) for “Chapter 5 of Part 17 of ICTA (offshore funds)
(see section 758 of, and Schedule 28 to, that Act)” substitute “
Chapter 5 of Part 2 of the Offshore (Tax) Funds Regulations 2009 (S.I. 2009/3001)
”
, and
b
in subsection (4) for “section 761(6B) of ICTA” substitute “
regulation 31(3) to (5) of the Offshore Funds (Tax) Regulations 2009 (S.I. 2009/3001)
”
.
5
In section 734(5) M2
(reduction in amount charged: previous capital gains tax charge) for “section 762 of ICTA” substitute “
regulations 20 and 22 to 24 of the Offshore Funds (Tax) Regulations 2009 (S.I. 2009/3001)
”
.
6
In section 1016(2) (table of provisions to which this section applies), in Part 3 of the Table—
a
omit the entry relating to section 761(1)(b)(i) of ICTA, and
b
at the end insert—
Regulation 17 of the Offshore Funds (Tax) Regulations 2009 (S.I. 2009/3001)
Offshore income gains