PART 2 U.K.THE TREATMENT OF PARTICIPANTS IN NON-REPORTING FUNDS

CHAPTER 3 U.K.EXCEPTIONS ETC. FROM THE CHARGE TO TAX

[F1 Unlisted trading company exception: further provision U.K.

31C.   No liability to tax arises under regulation 17 if—

(a) the disposal is of an interest in an offshore fund whose business consists solely of holding an interest in another offshore fund (“X”), and

(b) conditions B to D of regulation 31A apply in relation to X.]

Textual Amendments

F1 Regs. 31A-31C inserted (with effect in accordance with reg. 1(2) of the amending S.I.) by The Offshore Funds (Tax) (Amendment) Regulations 2011 (S.I. 2011/1211), regs. 1(1), 19