[F17(1)Nothing in this Schedule shall be read as affecting the operation of [F2regulations [F3under section 354(1) of TIOPA 2010] (see the Offshore Funds (Tax) Regulations 2009 (S.I. 2009/3001))].U.K.
(2)Where an offshore income gain accrues to the company under [F4such 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
F1Sch. 7AD inserted (24.7.2002) by Finance Act 2002 (c. 23), s. 85(2), Sch. 31
F2Words 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)
F3Words in Sch. 7AD para. 7(1) substituted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 8 para. 166 (with Sch. 9 paras. 1-9, 22)
F4Words 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)