Finance Act 2008 (c. 9)

Part 2 U.K. Income tax, corporation tax and capital gains tax_general

Offshore funds U.K.

42 Regulations under section 41: supplementary U.K.

(1) Regulations under section 41 may, in particular—

(a) make provision for an offshore fund, or a trustee or officer of an offshore fund, to make elections relating to the treatment of participants in the offshore fund for the purposes of income tax, capital gains tax or corporation tax,

(b) make provision about—

(i) the provision of information to Her Majesty's Revenue and Customs,

(ii) the provision of information to participants,

(iii) the preparation of accounts, and

(iv) the keeping of records,

by offshore funds or trustees or officers of offshore funds, and

(c) make other provision about the administration of offshore funds.

(2) Regulations under section 41 may, in particular, make special provision about the treatment of participants in—

[F1 (a) an offshore fund comprising a part of umbrella arrangements, and

(b) an offshore fund comprising arrangements relating to a class of interest in other arrangements (see section 40D).]

(3) Regulations under section 41 [F2 , in particular—

(a) repeal Chapter 5 of Part 17 of ICTA (offshore funds), and

(b) make provision consequential on the repeal of provisions of that Chapter.]

(4) Regulations under section 41 may, in particular—

(a) provide for Her Majesty's Revenue and Customs to exercise a discretion in dealing with any matter,

(b) make provision by reference to standards or other documents issued by any person,

(c) modify an enactment (whenever passed or made),

(d) make different provision for different cases or different purposes, and

(e) make incidental, consequential, supplementary or transitional provision [F3 and savings].

[F4 (5) Regulations under section 41 may, in particular, provide for provisions to have effect in relation to the tax year, or accounting periods, current on the day on which the regulations are made.]

(6) In this section—

• “enactment” [F5 has] the same meaning as in section 41, and

• “modify” includes amend, repeal or revoke.

Textual Amendments

F1 S. 42(2)(a)(b) substituted (21.7.2009) by Finance Act 2009 (c. 10), Sch. 22 para. 4(2)

F2 Words in s. 42(3) substituted (21.7.2009) by Finance Act 2009 (c. 10), Sch. 22 para. 4(3)

F3 Words in s. 42(4)(e) inserted (21.7.2009) by Finance Act 2009 (c. 10), Sch. 22 para. 4(4)

F4 S. 42(5) substituted (21.7.2009) by Finance Act 2009 (c. 10), Sch. 22 para. 4(5)

F5 Word in s. 42(6) substituted (21.7.2009) by Finance Act 2009 (c. 10), Sch. 22 para. 4(6)