The Offshore Funds (Tax) Regulations 2009

Amendment of ICTA

126.—(1) ICTA is amended as follows.

(2) In section 396(2)(1) (Case VI losses) for “section 761(1)(b)(ii)” substitute “regulation 18(4) of the Offshore Funds (Tax) Regulations 2009 (S.I. 2009/3001)”.

(3) In section 505(3)(b)(iii)(2) (charitable companies) for “section 761(6) below” substitute “regulation 31 of the Offshore Funds (Tax) Regulations 2009 (S.I. 2009/3001)”.

(4) In section 587B(9)(3) (gifts of shares, securities and real property to charities etc.), in the definition of “offshore fund”, for “Chapter 5 of Part 17” substitute “section 40A of the Finance Act 2008”.

(5) In section 834A(4) (miscellaneous charges relating to the former Case VI of Schedule D)—

(a) in Part 1 of the Table omit the entry relating to section 761(1)(b)(ii), and

(b) in Part 3 of the Table insert at the end—

“Regulation 18(4) of the Offshore Funds (Tax) Regulations 2009 (S.I. 2009/3001)

Offshore income gains”

(6) In section 842(3A)(5) (meaning of investment trust) for “section 761(1)(a)” substitute “regulation 18(1) of the Offshore Funds (Tax) Regulations 2009 (S.I. 2009/3001)”.

(1)

Section 396(2) was substituted by paragraph 112(3) of Schedule 1 to the Corporation Tax Act 2009 (c. 4).

(2)

Section 505(3) was substituted by section 55(1) of the Finance Act 2006 (c. 25).

(3)

Section 587B was inserted by section 43(1) of the Finance Act 2000 (c. 17) and the definition of “offshore fund” in subsection (9) was substituted by paragraph 10 of Schedule 26 to the Finance Act 2004 (c. 12).

(4)

Section 834A was inserted by paragraph 274 of Schedule 1 to the Corporation Tax Act 2009.

(5)

Section 842(3A) was inserted by section 57(3) of the Finance Act 2007 (c. 11).