Taxation of Chargeable Gains Act 1992 (c. 12)

SCHEDULES

[F1 SCHEDULE 7AD U.K. Gains of insurance company from venture capital investment partnership

Textual Amendments

F1 Sch. 7AD inserted (24.7.2002) by Finance Act 2002 (c. 23), s. 85(2), Sch. 31

Disposal of partnership asset giving rise to offshore income gain U.K.

7 (1) Nothing in this Schedule shall be read as affecting the operation of [F2 regulations made under section 41(1) of the Finance Act 2008 (see the Offshore Funds (Tax) Regulations 2009 (S.I. 2009/3001))]. U.K.

(2) Where an offshore income gain accrues to the company under [F3 such regulations] from the disposal of any relevant asset of the partnership, the amount of any distribution received or treated as received by the company from the partnership that represents the whole or part of the proceeds of disposal of that asset is treated for the purposes of this Schedule as reduced by the amount of the whole or a corresponding part of the offshore income gain.]

Textual Amendments

F2 Words in Sch. 7AD para. 7(1) substituted (with effect in accordance with art. 1(2)(3), Sch. 1 of the amending S.I.) by The Offshore Funds (Tax) Regulations 2009 (S.I. 2009/3001), regs. 1(1), 127(4)(a)

F3 Words in Sch. 7AD para. 7(2) substituted (with effect in accordance with art. 1(2)(3), Sch. 1 of the amending S.I.) by The Offshore Funds (Tax) Regulations 2009 (S.I. 2009/3001), regs. 1(1), 127(4)(b)