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The Offshore Funds (Tax) Regulations 2009

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This is the original version (as it was originally made).

Amendment of ITA 2007

This section has no associated Explanatory Memorandum

129.—(1) ITA 2007 is amended as follows.

(2) In section 152(8)(1) (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)(2) (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”
(1)

Section 152(8) was amended by section 57(5) of the Finance Act 2007 (c. 11).

(2)

Section 734(5) was inserted by paragraph 97 of Schedule 7 to the Finance Act 2008 (c. 9).

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