Participants chargeable to income tax: transparent fundsU.K.
This section has no associated Explanatory Memorandum
97.—(1) This regulation applies if—
(a)a reporting fund is a transparent fund, and
(b)some or all of the excess specified in regulation 94(2) is treated as income of a participant by virtue of that provision.
(2) Any amount to which paragraph (1) applies is charged to income tax under Chapter 8 of Part 5 of ITTOIA 2005 as relevant foreign income within the meaning given by section 830 of ITTOIA 2005 M1 for the year of assessment in which the distribution is made, but sections 688(1) and 689 of ITTOIA 2005 do not apply.
Marginal Citations
M1Section 830 was amended by paragraphs 51, 96, 156 and 162 of Schedule 7 to the Finance Act 2008.