http://www.legislation.gov.uk/ukpga/1988/1/schedule/27/paragraph/2Income and Corporation Taxes Act 1988An Act to consolidate certain of the enactments relating to income tax and corporation tax, including certain enactments relating also to capital gains tax; and to repeal as obsolete section 339(1) of the Income and Corporation Taxes Act 1970 and paragraphs 3 and 4 of Schedule 11 to the Finance Act 1980.1988-02-09texttext/xmlenStatute Law Database2024-05-30Expert Participation2024-04-06 SCHEDULESSCHEDULE 27PART I THE DISTRIBUTION TEST Funds operating equalisation arrangements<P1 DocumentURI="http://www.legislation.gov.uk/ukpga/1988/1/schedule/27/paragraph/2" IdURI="http://www.legislation.gov.uk/id/ukpga/1988/1/schedule/27/paragraph/2" id="schedule-27-paragraph-2"><Pnumber>2</Pnumber><P1para><P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1988/1/schedule/27/paragraph/2/1" IdURI="http://www.legislation.gov.uk/id/ukpga/1988/1/schedule/27/paragraph/2/1" id="schedule-27-paragraph-2-1"><Pnumber>1</Pnumber><P2para><Text>In the case of an offshore fund which throughout any account period operates equalisation arrangements, on any occasion in that period when there is a disposal to which this sub-paragraph applies, the fund shall be treated for the purposes of this Part of this Schedule as making a distribution of an amount equal to so much of the consideration for the disposal as, in accordance with this paragraph, represents income accrued to the date of the disposal.</Text></P2para></P2><P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1988/1/schedule/27/paragraph/2/2" IdURI="http://www.legislation.gov.uk/id/ukpga/1988/1/schedule/27/paragraph/2/2" id="schedule-27-paragraph-2-2"><Pnumber>2</Pnumber><P2para><Text>Sub-paragraph (1) above applies to a disposal—</Text><P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1988/1/schedule/27/paragraph/2/2/a" IdURI="http://www.legislation.gov.uk/id/ukpga/1988/1/schedule/27/paragraph/2/2/a" id="schedule-27-paragraph-2-2-a"><Pnumber>a</Pnumber><P3para><Text>which is a disposal of a material interest in the offshore fund concerned; and</Text></P3para></P3><P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1988/1/schedule/27/paragraph/2/2/b" IdURI="http://www.legislation.gov.uk/id/ukpga/1988/1/schedule/27/paragraph/2/2/b" id="schedule-27-paragraph-2-2-b"><Pnumber>b</Pnumber><P3para><Text>which is a disposal to which this Chapter applies (whether by virtue of section 758(3) or otherwise) or is one to which this Chapter would apply if subsections (5) and (6) of that section applied generally and not only for the purpose of determining whether, by virtue of subsection (3) of that section, there is a disposal to which this Chapter applies; and</Text></P3para></P3><P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1988/1/schedule/27/paragraph/2/2/c" IdURI="http://www.legislation.gov.uk/id/ukpga/1988/1/schedule/27/paragraph/2/2/c" id="schedule-27-paragraph-2-2-c"><Pnumber>c</Pnumber><P3para><Text>which is not a disposal with respect to which the conditions in subsection (4) of that section are fulfilled; and</Text></P3para></P3><P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1988/1/schedule/27/paragraph/2/2/d" IdURI="http://www.legislation.gov.uk/id/ukpga/1988/1/schedule/27/paragraph/2/2/d" id="schedule-27-paragraph-2-2-d"><Pnumber>d</Pnumber><P3para><Text>which is a disposal to the fund itself or to the persons concerned in the management of the fund (“<Term id="term-the-managers">the managers</Term>”) in their capacity as such.</Text></P3para></P3></P2para></P2><P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1988/1/schedule/27/paragraph/2/3" IdURI="http://www.legislation.gov.uk/id/ukpga/1988/1/schedule/27/paragraph/2/3" id="schedule-27-paragraph-2-3"><Pnumber>3</Pnumber><P2para><Text>On a disposal to which sub-paragraph (1) above applies, the part of the consideration which represents income accrued to the date of the disposal is, subject to sub-paragraph (4) and paragraph 4(4) below, the amount which would be credited to the equalisation account of the offshore fund concerned in respect of accrued income if, on the date of the disposal, the material interest which is disposed of were acquired by another person by way of initial purchase.</Text></P2para></P2><P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1988/1/schedule/27/paragraph/2/4" IdURI="http://www.legislation.gov.uk/id/ukpga/1988/1/schedule/27/paragraph/2/4" id="schedule-27-paragraph-2-4"><Pnumber>4</Pnumber><P2para><Text>If, after the beginning of the period by reference to which the accrued income referred to in sub-paragraph (3) above is calculated, the material interest disposed of by a disposal to which sub-paragraph (1) above applies was acquired by way of initial purchase (whether or not by the person making the disposal)—</Text><P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1988/1/schedule/27/paragraph/2/4/a" IdURI="http://www.legislation.gov.uk/id/ukpga/1988/1/schedule/27/paragraph/2/4/a" id="schedule-27-paragraph-2-4-a"><Pnumber>a</Pnumber><P3para><Text>there shall be deducted from the amount which, in accordance with sub-paragraph (3) above, would represent income accrued to the date of the disposal, the amount which on that acquisition was credited to the equalisation account of the fund in respect of accrued income; and</Text></P3para></P3><P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1988/1/schedule/27/paragraph/2/4/b" IdURI="http://www.legislation.gov.uk/id/ukpga/1988/1/schedule/27/paragraph/2/4/b" id="schedule-27-paragraph-2-4-b"><Pnumber>b</Pnumber><P3para><Text>if in that period there has been more than one such acquisition of that material interest by way of initial purchase, the deduction to be made under this sub-paragraph shall be the amount so credited to the equalisation account on the latest such acquisition prior to the disposal in question.</Text></P3para></P3></P2para></P2><P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1988/1/schedule/27/paragraph/2/5" IdURI="http://www.legislation.gov.uk/id/ukpga/1988/1/schedule/27/paragraph/2/5" id="schedule-27-paragraph-2-5"><Pnumber>5</Pnumber><P2para><Text>Where, by virtue of this paragraph, an offshore fund is treated for the purposes of this Part of this Schedule as making a distribution on the occasion of a disposal, the distribution shall be treated for those purposes—</Text><P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1988/1/schedule/27/paragraph/2/5/a" IdURI="http://www.legislation.gov.uk/id/ukpga/1988/1/schedule/27/paragraph/2/5/a" id="schedule-27-paragraph-2-5-a"><Pnumber>a</Pnumber><P3para><Text>as complying with paragraph 1(1)(d) above; and</Text></P3para></P3><P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1988/1/schedule/27/paragraph/2/5/b" IdURI="http://www.legislation.gov.uk/id/ukpga/1988/1/schedule/27/paragraph/2/5/b" id="schedule-27-paragraph-2-5-b"><Pnumber>b</Pnumber><P3para><Text>as made out of the income of the fund for the account period in which the disposal occurs; and</Text></P3para></P3><P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1988/1/schedule/27/paragraph/2/5/c" IdURI="http://www.legislation.gov.uk/id/ukpga/1988/1/schedule/27/paragraph/2/5/c" id="schedule-27-paragraph-2-5-c"><Pnumber>c</Pnumber><P3para><Text>as paid, immediately before the disposal, to the person who was then the holder of the interest disposed of.</Text></P3para></P3></P2para></P2><P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1988/1/schedule/27/paragraph/2/6" IdURI="http://www.legislation.gov.uk/id/ukpga/1988/1/schedule/27/paragraph/2/6" id="schedule-27-paragraph-2-6"><Pnumber>6</Pnumber><P2para><Text>In any case where—</Text><P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1988/1/schedule/27/paragraph/2/6/a" IdURI="http://www.legislation.gov.uk/id/ukpga/1988/1/schedule/27/paragraph/2/6/a" id="schedule-27-paragraph-2-6-a"><Pnumber>a</Pnumber><P3para><Text>a distribution in respect of an interest in an offshore fund is made to the managers of the fund, and</Text></P3para></P3><P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1988/1/schedule/27/paragraph/2/6/b" IdURI="http://www.legislation.gov.uk/id/ukpga/1988/1/schedule/27/paragraph/2/6/b" id="schedule-27-paragraph-2-6-b"><Pnumber>b</Pnumber><P3para><Text>their holding of that interest is in their capacity as such, and</Text></P3para></P3><P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1988/1/schedule/27/paragraph/2/6/c" IdURI="http://www.legislation.gov.uk/id/ukpga/1988/1/schedule/27/paragraph/2/6/c" id="schedule-27-paragraph-2-6-c"><Pnumber>c</Pnumber><P3para><Text>at the time of the distribution, the fund is operating equalisation arrangements,</Text></P3para></P3><Text>the distribution shall not be taken into account for the purposes of paragraph 1(1) above except to the extent that the distribution is properly referable to that part of the period for which the distribution is made during which that interest has been held by the managers of the fund in their capacity as such.</Text></P2para></P2><P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1988/1/schedule/27/paragraph/2/7" IdURI="http://www.legislation.gov.uk/id/ukpga/1988/1/schedule/27/paragraph/2/7" id="schedule-27-paragraph-2-7"><Pnumber>7</Pnumber><P2para><Text>Subsection (2) of section 758 applies for the purposes of this paragraph as it applies for the purposes of that section.</Text></P2para></P2></P1para></P1></P1group></Pblock></Part></ScheduleBody></Schedule></Schedules></Primary><Commentaries><Commentary id="c23829271" Type="F"><Para><Text><CitationSubRef id="c15561" URI="http://www.legislation.gov.uk/id/ukpga/1988/1/schedule/27" SectionRef="schedule-27">Sch. 27</CitationSubRef> repealed (1.12.2009 with effect in accordance with reg. 1(2) of the repealing S.I.) by <Citation URI="http://www.legislation.gov.uk/id/uksi/2009/3001" id="c15562" Class="UnitedKingdomStatutoryInstrument" Year="2009" Number="3001" Title="The Offshore Funds (Tax) Regulations 2009">The Offshore Funds (Tax) Regulations 2009 (S.I. 2009/3001)</Citation>, <CitationSubRef id="c15563" URI="http://www.legislation.gov.uk/id/uksi/2009/3001/regulation/1/1" CitationRef="c15562" SectionRef="regulation-1-1">regs. 1(1)</CitationSubRef>, <CitationSubRef id="c15564" URI="http://www.legislation.gov.uk/id/uksi/2009/3001/regulation/13/2/3" CitationRef="c15562" SectionRef="regulation-13-2-3">13(2)(3)</CitationSubRef>, <CitationSubRef id="c15565" URI="http://www.legislation.gov.uk/id/uksi/2009/3001/schedule/2" Operative="true" CitationRef="c15562" SectionRef="schedule-2">Sch. 2</CitationSubRef> (with saving in <CitationSubRef id="c15566" URI="http://www.legislation.gov.uk/id/uksi/2009/3001/schedule/1/paragraph/3/4" CitationRef="c15562" SectionRef="schedule-1-paragraph-3-4">Sch. 1 para. 3(4)</CitationSubRef>) (subject, as saved, to modification by <Citation URI="http://www.legislation.gov.uk/id/ukpga/2010/8" id="c15567" Year="2010" Class="UnitedKingdomPublicGeneralAct" Number="8" Title="Taxation (International and Other Provisions) Act 2010">Taxation (International and Other Provisions) Act 2010 (c. 8)</Citation>, <CitationSubRef id="c15568" URI="http://www.legislation.gov.uk/id/ukpga/2010/8/section/381/1" CitationRef="c15567" SectionRef="section-381-1">s. 381(1)</CitationSubRef>, <CitationSubRef id="c15569" URI="http://www.legislation.gov.uk/id/ukpga/2010/8/schedule/9/paragraph/24" Operative="true" CitationRef="c15567" SectionRef="schedule-9-paragraph-24">Sch. 9 para. 24</CitationSubRef>)</Text></Para></Commentary></Commentaries></Legislation></div><div class="header"><span>This XML file does not appear to have any style information associated with it. The document tree is shown below.</span><br /></div><div class="pretty-print"><div class="folder" id="folder0"><div class="line"><span class="folder-button fold"></span><span class="html-tag"><Legislation<span class="html-attribute"> <span class="html-attribute-name">xmlns</span>="<span class="html-attribute-value">http://www.legislation.gov.uk/namespaces/legislation</span>"</span><span class="html-attribute"> <span class="html-attribute-name">xmlns:xsi</span>="<span class="html-attribute-value">http://www.w3.org/2001/XMLSchema-instance</span>"</span><span class="html-attribute"> <span class="html-attribute-name">DocumentURI</span>="<span class="html-attribute-value">http://www.legislation.gov.uk/ukpga/1988/1</span>"</span><span class="html-attribute"> <span class="html-attribute-name">IdURI</span>="<span class="html-attribute-value">http://www.legislation.gov.uk/id/ukpga/1988/1</span>"</span><span class="html-attribute"> <span 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class="html-attribute-name">xmlns:dc</span>="<span class="html-attribute-value">http://purl.org/dc/elements/1.1/</span>"</span><span class="html-attribute"> <span class="html-attribute-name">xmlns:dct</span>="<span class="html-attribute-value">http://purl.org/dc/terms/</span>"</span><span class="html-attribute"> <span class="html-attribute-name">xmlns:atom</span>="<span class="html-attribute-value">http://www.w3.org/2005/Atom</span>"</span><span class="html-attribute"> <span class="html-attribute-name">xmlns:ukm</span>="<span class="html-attribute-value">http://www.legislation.gov.uk/namespaces/metadata</span>"</span>></span></div><div class="opened"><span> </span><div class="line"><span class="html-tag"><dc:identifier></span><span>http://www.legislation.gov.uk/ukpga/1988/1/schedule/27/paragraph/2</span><span class="html-tag"></dc:identifier></span></div><div class="line"><span class="html-tag"><dc:title></span><span>Income and Corporation Taxes Act 1988</span><span class="html-tag"></dc:title></span></div><div class="line"><span class="html-tag"><dc:description></span><span>An Act to consolidate certain of the enactments relating to income tax and corporation tax, including certain enactments relating also to capital gains tax; and to repeal as obsolete section 339(1) of the Income and Corporation Taxes Act 1970 and paragraphs 3 and 4 of Schedule 11 to the Finance Act 1980.</span><span class="html-tag"></dc:description></span></div><div class="line"><span class="html-tag"><dc:date></span><span>1988-02-09</span><span class="html-tag"></dc:date></span></div><div class="line"><span class="html-tag"><dc:type></span><span>text</span><span class="html-tag"></dc:type></span></div><div class="line"><span class="html-tag"><dc:format></span><span>text/xml</span><span class="html-tag"></dc:format></span></div><div class="line"><span class="html-tag"><dc:language></span><span>en</span><span class="html-tag"></dc:language></span></div><div class="line"><span class="html-tag"><dc:publisher></span><span>Statute Law Database</span><span class="html-tag"></dc:publisher></span></div><div class="line"><span class="html-tag"><dc:modified></span><span>2024-05-30</span><span class="html-tag"></dc:modified></span></div><div class="line"><span class="html-tag"><dc:contributor></span><span>Expert Participation</span><span class="html-tag"></dc:contributor></span></div><div class="line"><span class="html-tag"><dct:valid></span><span>2024-04-06</span><span class="html-tag"></dct:valid></span></div><span> </span><div class="line"><span class="html-tag"><atom:link<span class="html-attribute"> <span class="html-attribute-name">rel</span>="<span class="html-attribute-value">self</span>"</span><span class="html-attribute"> <span class="html-attribute-name">href</span>="<span class="html-attribute-value">http://www.legislation.gov.uk/ukpga/1988/1/schedule/27/paragraph/2/data.xml</span>"</span><span class="html-attribute"> <span 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class="html-attribute-value">http://www.legislation.gov.uk/ukpga/1988/1/schedule/27/paragraph/2/data.pdf</span>"</span><span class="html-attribute"> <span class="html-attribute-name">title</span>="<span class="html-attribute-value">PDF</span>"</span>/></span></div><span> </span><div class="line"><span class="html-tag"><atom:link<span class="html-attribute"> <span class="html-attribute-name">rel</span>="<span class="html-attribute-value">alternate</span>"</span><span class="html-attribute"> <span class="html-attribute-name">type</span>="<span class="html-attribute-value">application/akn+xhtml</span>"</span><span class="html-attribute"> <span class="html-attribute-name">href</span>="<span class="html-attribute-value">http://www.legislation.gov.uk/ukpga/1988/1/schedule/27/paragraph/2/data.html</span>"</span><span class="html-attribute"> <span class="html-attribute-name">title</span>="<span class="html-attribute-value">HTML5 snippet</span>"</span>/></span></div><span> </span><div class="line"><span class="html-tag"><atom:link<span class="html-attribute"> <span class="html-attribute-name">rel</span>="<span class="html-attribute-value">http://purl.org/dc/terms/tableOfContents</span>"</span><span class="html-attribute"> <span class="html-attribute-name">hreflang</span>="<span class="html-attribute-value">en</span>"</span><span class="html-attribute"> <span class="html-attribute-name">href</span>="<span class="html-attribute-value">http://www.legislation.gov.uk/ukpga/1988/1/contents</span>"</span><span class="html-attribute"> <span class="html-attribute-name">title</span>="<span class="html-attribute-value">Table of Contents</span>"</span>/></span></div><span> </span><div class="line"><span class="html-tag"><atom:link<span class="html-attribute"> <span class="html-attribute-name">rel</span>="<span class="html-attribute-value">http://purl.org/dc/terms/hasVersion</span>"</span><span class="html-attribute"> <span class="html-attribute-name">href</span>="<span class="html-attribute-value">http://www.legislation.gov.uk/ukpga/1988/1/schedule/27/paragraph/2/enacted</span>"</span><span class="html-attribute"> <span class="html-attribute-name">title</span>="<span class="html-attribute-value">enacted</span>"</span>/></span></div><div class="line"><span class="html-tag"><atom:link<span class="html-attribute"> <span class="html-attribute-name">rel</span>="<span class="html-attribute-value">http://purl.org/dc/terms/hasVersion</span>"</span><span class="html-attribute"> <span class="html-attribute-name">href</span>="<span class="html-attribute-value">http://www.legislation.gov.uk/ukpga/1988/1/schedule/27/paragraph/2/1991-02-01</span>"</span><span class="html-attribute"> <span class="html-attribute-name">title</span>="<span class="html-attribute-value">1991-02-01</span>"</span>/></span></div><div class="line"><span class="html-tag"><atom:link<span class="html-attribute"> <span class="html-attribute-name">rel</span>="<span class="html-attribute-value">http://purl.org/dc/terms/hasVersion</span>"</span><span class="html-attribute"> <span class="html-attribute-name">href</span>="<span class="html-attribute-value">http://www.legislation.gov.uk/ukpga/1988/1/schedule/27/paragraph/2/2009-12-01</span>"</span><span class="html-attribute"> <span class="html-attribute-name">title</span>="<span class="html-attribute-value">2009-12-01 repealed</span>"</span>/></span></div><span> </span><div class="line"><span class="html-tag"><atom:link<span class="html-attribute"> <span class="html-attribute-name">rel</span>="<span class="html-attribute-value">up</span>"</span><span class="html-attribute"> <span class="html-attribute-name">href</span>="<span class="html-attribute-value">http://www.legislation.gov.uk/ukpga/1988/1/schedule/27</span>"</span><span class="html-attribute"> <span class="html-attribute-name">title</span>="<span class="html-attribute-value">Schedule 27</span>"</span>/></span></div><div class="line"><span class="html-tag"><atom:link<span class="html-attribute"> <span class="html-attribute-name">rel</span>="<span class="html-attribute-value">prev</span>"</span><span class="html-attribute"> <span class="html-attribute-name">href</span>="<span class="html-attribute-value">http://www.legislation.gov.uk/ukpga/1988/1/schedule/27/paragraph/1</span>"</span><span class="html-attribute"> <span class="html-attribute-name">title</span>="<span class="html-attribute-value">Paragraph; Schedule 27 Paragraph 1</span>"</span>/></span></div><div class="line"><span class="html-tag"><atom:link<span class="html-attribute"> <span class="html-attribute-name">rel</span>="<span class="html-attribute-value">prevInForce</span>"</span><span class="html-attribute"> <span class="html-attribute-name">href</span>="<span class="html-attribute-value">http://www.legislation.gov.uk/ukpga/1988/1/schedule/26/paragraph/6</span>"</span><span class="html-attribute"> <span class="html-attribute-name">title</span>="<span class="html-attribute-value">Paragraph; Schedule 26 Paragraph 6</span>"</span>/></span></div><div class="line"><span class="html-tag"><atom:link<span class="html-attribute"> <span class="html-attribute-name">rel</span>="<span class="html-attribute-value">next</span>"</span><span class="html-attribute"> <span class="html-attribute-name">href</span>="<span class="html-attribute-value">http://www.legislation.gov.uk/ukpga/1988/1/schedule/27/paragraph/3</span>"</span><span class="html-attribute"> <span class="html-attribute-name">title</span>="<span class="html-attribute-value">Paragraph; Schedule 27 Paragraph 3</span>"</span>/></span></div><div class="line"><span class="html-tag"><atom:link<span class="html-attribute"> <span class="html-attribute-name">rel</span>="<span class="html-attribute-value">nextInForce</span>"</span><span class="html-attribute"> <span class="html-attribute-name">href</span>="<span class="html-attribute-value">http://www.legislation.gov.uk/ukpga/1988/1/schedule/29/paragraph/1</span>"</span><span class="html-attribute"> <span class="html-attribute-name">title</span>="<span class="html-attribute-value">Paragraph; Schedule 29 Paragraph 1</span>"</span>/></span></div><span> </span><div class="folder" id="folder2"><div class="line"><span class="folder-button fold"></span><span class="html-tag"><ukm:PrimaryMetadata></span></div><div class="opened"><div class="folder" id="folder3"><div class="line"><span class="folder-button fold"></span><span class="html-tag"><ukm:DocumentClassification></span></div><div class="opened"><div class="line"><span class="html-tag"><ukm:DocumentCategory<span class="html-attribute"> <span class="html-attribute-name">Value</span>="<span class="html-attribute-value">primary</span>"</span>/></span></div><div class="line"><span class="html-tag"><ukm:DocumentMainType<span class="html-attribute"> <span class="html-attribute-name">Value</span>="<span class="html-attribute-value">UnitedKingdomPublicGeneralAct</span>"</span>/></span></div><div class="line"><span class="html-tag"><ukm:DocumentStatus<span class="html-attribute"> <span class="html-attribute-name">Value</span>="<span class="html-attribute-value">revised</span>"</span>/></span></div></div><span class="folded hidden">...</span><div class="line"><span class="html-tag"></ukm:DocumentClassification></span></div></div><div class="line"><span class="html-tag"><ukm:Year<span class="html-attribute"> <span class="html-attribute-name">Value</span>="<span class="html-attribute-value">1988</span>"</span>/></span></div><div class="line"><span class="html-tag"><ukm:Number<span class="html-attribute"> <span class="html-attribute-name">Value</span>="<span class="html-attribute-value">1</span>"</span>/></span></div><div class="line"><span class="html-tag"><ukm:EnactmentDate<span class="html-attribute"> <span class="html-attribute-name">Date</span>="<span class="html-attribute-value">1988-02-09</span>"</span>/></span></div><div class="folder" id="folder4"><div class="line"><span class="folder-button fold"></span><span class="html-tag"><ukm:UnappliedEffects></span></div><div class="opened"><div class="folder" id="folder5"><div class="line"><span class="folder-button fold"></span><span class="html-tag"><ukm:UnappliedEffect<span class="html-attribute"> <span class="html-attribute-name">AffectingClass</span>="<span class="html-attribute-value">UnitedKingdomPublicGeneralAct</span>"</span><span class="html-attribute"> <span class="html-attribute-name">URI</span>="<span class="html-attribute-value">http://www.legislation.gov.uk/id/effect/key-226ae3d3b9d67ad2586b63cb0803e4d6</span>"</span><span class="html-attribute"> <span class="html-attribute-name">AffectingEffectsExtent</span>="<span class="html-attribute-value">E+W+S+N.I.</span>"</span><span class="html-attribute"> <span class="html-attribute-name">AffectingURI</span>="<span class="html-attribute-value">http://www.legislation.gov.uk/id/ukpga/2005/7</span>"</span><span class="html-attribute"> <span class="html-attribute-name">AffectingNumber</span>="<span class="html-attribute-value">7</span>"</span><span class="html-attribute"> <span class="html-attribute-name">AffectedYear</span>="<span class="html-attribute-value">1988</span>"</span><span class="html-attribute"> <span class="html-attribute-name">AffectedNumber</span>="<span class="html-attribute-value">1</span>"</span><span class="html-attribute"> <span class="html-attribute-name">Type</span>="<span class="html-attribute-value">inserted</span>"</span><span class="html-attribute"> <span class="html-attribute-name">AffectedURI</span>="<span class="html-attribute-value">http://www.legislation.gov.uk/id/ukpga/1988/1</span>"</span><span class="html-attribute"> <span class="html-attribute-name">AffectedClass</span>="<span class="html-attribute-value">UnitedKingdomPublicGeneralAct</span>"</span><span class="html-attribute"> <span class="html-attribute-name">AffectingYear</span>="<span class="html-attribute-value">2005</span>"</span><span class="html-attribute"> <span class="html-attribute-name">Row</span>="<span class="html-attribute-value">1872</span>"</span><span class="html-attribute"> <span class="html-attribute-name">EffectId</span>="<span class="html-attribute-value">key-226ae3d3b9d67ad2586b63cb0803e4d6</span>"</span><span class="html-attribute"> <span class="html-attribute-name">Modified</span>="<span class="html-attribute-value">2022-04-21T15:01:57Z</span>"</span><span class="html-attribute"> <span class="html-attribute-name">AffectedProvisions</span>="<span class="html-attribute-value">s. 109A(4B)</span>"</span><span class="html-attribute"> <span class="html-attribute-name">AffectedExtent</span>="<span class="html-attribute-value">E+W+S+N.I.</span>"</span><span class="html-attribute"> <span class="html-attribute-name">AffectingProvisions</span>="<span class="html-attribute-value">Sch. 4 para. 6(3)</span>"</span><span class="html-attribute"> <span class="html-attribute-name">Notes</span>="<span class="html-attribute-value">This amendment not applied to legislation.gov.uk. The amending provision (2005 c. 7, Sch. 4 para. 6) repealed retrospectively by 2005 c. 22, Sch. 6 para. 4(1)(6)</span>"</span><span class="html-attribute"> <span class="html-attribute-name">RequiresApplied</span>="<span class="html-attribute-value">false</span>"</span>></span></div><div class="opened"><div class="line"><span class="html-tag"><ukm:AffectedTitle></span><span>Income and Corporation Taxes Act 1988</span><span class="html-tag"></ukm:AffectedTitle></span></div><div class="folder" id="folder6"><div class="line"><span class="folder-button fold"></span><span class="html-tag"><ukm:AffectedProvisions></span></div><div class="opened"><div class="line"><span class="html-tag"><ukm:Section<span class="html-attribute"> <span class="html-attribute-name">Ref</span>="<span class="html-attribute-value">section-109A-4B</span>"</span><span class="html-attribute"> <span class="html-attribute-name">URI</span>="<span class="html-attribute-value">http://www.legislation.gov.uk/id/ukpga/1988/1/section/109A/4B</span>"</span><span class="html-attribute"> <span class="html-attribute-name">FoundRef</span>="<span class="html-attribute-value">section-109A</span>"</span>></span><span>s. 109A(4B)</span><span class="html-tag"></ukm:Section></span></div></div><span class="folded hidden">...</span><div class="line"><span class="html-tag"></ukm:AffectedProvisions></span></div></div><div class="line"><span class="html-tag"><ukm:AffectingTitle></span><span>Finance Act 2005</span><span class="html-tag"></ukm:AffectingTitle></span></div><div class="folder" id="folder7"><div class="line"><span class="folder-button fold"></span><span class="html-tag"><ukm:AffectingProvisions></span></div><div class="opened"><div class="line"><span class="html-tag"><ukm:Section<span class="html-attribute"> <span class="html-attribute-name">Ref</span>="<span class="html-attribute-value">schedule-4</span>"</span><span class="html-attribute"> <span class="html-attribute-name">URI</span>="<span class="html-attribute-value">http://www.legislation.gov.uk/id/ukpga/2005/7/schedule/4</span>"</span>></span><span>Sch. 4 </span><span class="html-tag"></ukm:Section></span></div><div class="line"><span class="html-tag"><ukm:Section<span class="html-attribute"> <span class="html-attribute-name">Ref</span>="<span class="html-attribute-value">schedule-4-paragraph-6-3</span>"</span><span class="html-attribute"> <span class="html-attribute-name">URI</span>="<span class="html-attribute-value">http://www.legislation.gov.uk/id/ukpga/2005/7/schedule/4/paragraph/6/3</span>"</span>></span><span>para. 6(3)</span><span class="html-tag"></ukm:Section></span></div></div><span class="folded hidden">...</span><div class="line"><span class="html-tag"></ukm:AffectingProvisions></span></div></div><div class="folder" id="folder8"><div class="line"><span class="folder-button fold"></span><span class="html-tag"><ukm:InForceDates></span></div><div class="opened"><div class="line"><span class="html-tag"><ukm:InForce<span class="html-attribute"> <span class="html-attribute-name">Date</span>="<span class="html-attribute-value">2005-04-07</span>"</span><span class="html-attribute"> <span class="html-attribute-name">Qualification</span>="<span class="html-attribute-value">with effect in accordance with</span>"</span><span class="html-attribute"> <span class="html-attribute-name">OtherQualification</span>="<span class="html-attribute-value">s. 80(3)(4)</span>"</span>/></span></div></div><span class="folded hidden">...</span><div class="line"><span class="html-tag"></ukm:InForceDates></span></div></div></div><span class="folded hidden">...</span><div class="line"><span class="html-tag"></ukm:UnappliedEffect></span></div></div><div class="folder" id="folder9"><div class="line"><span class="folder-button fold"></span><span class="html-tag"><ukm:UnappliedEffect<span class="html-attribute"> <span class="html-attribute-name">URI</span>="<span class="html-attribute-value">http://www.legislation.gov.uk/id/effect/key-3bf93f5f4f294390eed562b98f900c46</span>"</span><span class="html-attribute"> <span class="html-attribute-name">Row</span>="<span class="html-attribute-value">156</span>"</span><span class="html-attribute"> <span class="html-attribute-name">AffectingClass</span>="<span class="html-attribute-value">UnitedKingdomPublicGeneralAct</span>"</span><span class="html-attribute"> <span class="html-attribute-name">AffectedNumber</span>="<span class="html-attribute-value">1</span>"</span><span class="html-attribute"> <span class="html-attribute-name">AffectingYear</span>="<span class="html-attribute-value">2004</span>"</span><span class="html-attribute"> <span class="html-attribute-name">AffectedExtent</span>="<span class="html-attribute-value">E+W+S+N.I.</span>"</span><span class="html-attribute"> <span class="html-attribute-name">AffectingProvisions</span>="<span class="html-attribute-value">s. 18</span>"</span><span class="html-attribute"> <span class="html-attribute-name">RequiresApplied</span>="<span class="html-attribute-value">true</span>"</span><span class="html-attribute"> <span class="html-attribute-name">AffectingEffectsExtent</span>="<span class="html-attribute-value">S+A+M+E+A+S+A+F+F+E+C+T+E+D</span>"</span><span class="html-attribute"> <span class="html-attribute-name">Modified</span>="<span class="html-attribute-value">2022-04-21T15:01:57Z</span>"</span><span class="html-attribute"> <span class="html-attribute-name">EffectId</span>="<span class="html-attribute-value">key-3bf93f5f4f294390eed562b98f900c46</span>"</span><span class="html-attribute"> <span class="html-attribute-name">AffectedYear</span>="<span class="html-attribute-value">1988</span>"</span><span class="html-attribute"> <span class="html-attribute-name">AffectedClass</span>="<span class="html-attribute-value">UnitedKingdomPublicGeneralAct</span>"</span><span class="html-attribute"> <span class="html-attribute-name">AffectedProvisions</span>="<span class="html-attribute-value">Act</span>"</span><span class="html-attribute"> <span class="html-attribute-name">Type</span>="<span class="html-attribute-value">Tax Acts: power to modify conferred</span>"</span><span class="html-attribute"> <span class="html-attribute-name">AffectingNumber</span>="<span class="html-attribute-value">25</span>"</span><span class="html-attribute"> <span class="html-attribute-name">AffectedURI</span>="<span class="html-attribute-value">http://www.legislation.gov.uk/id/ukpga/1988/1</span>"</span><span class="html-attribute"> <span class="html-attribute-name">AffectingURI</span>="<span class="html-attribute-value">http://www.legislation.gov.uk/id/ukpga/2004/25</span>"</span>></span></div><div class="opened"><div class="line"><span class="html-tag"><ukm:AffectedTitle></span><span>Income and Corporation Taxes Act 1988</span><span class="html-tag"></ukm:AffectedTitle></span></div><div class="line"><span class="html-tag"><ukm:AffectedProvisions></span><span>Act</span><span class="html-tag"></ukm:AffectedProvisions></span></div><div class="line"><span class="html-tag"><ukm:AffectingTitle></span><span>Horserace Betting and Olympic Lottery Act 2004</span><span class="html-tag"></ukm:AffectingTitle></span></div><div class="folder" id="folder10"><div class="line"><span class="folder-button fold"></span><span class="html-tag"><ukm:AffectingProvisions></span></div><div class="opened"><div class="line"><span class="html-tag"><ukm:Section<span class="html-attribute"> <span class="html-attribute-name">Ref</span>="<span class="html-attribute-value">section-18</span>"</span><span class="html-attribute"> <span class="html-attribute-name">URI</span>="<span class="html-attribute-value">http://www.legislation.gov.uk/id/ukpga/2004/25/section/18</span>"</span>></span><span>s. 18</span><span class="html-tag"></ukm:Section></span></div></div><span class="folded hidden">...</span><div class="line"><span class="html-tag"></ukm:AffectingProvisions></span></div></div><div class="folder" id="folder11"><div class="line"><span class="folder-button fold"></span><span class="html-tag"><ukm:CommencementAuthority></span></div><div class="opened"><div class="line"><span class="html-tag"><ukm:Section<span class="html-attribute"> <span class="html-attribute-name">Ref</span>="<span class="html-attribute-value">section-40</span>"</span><span class="html-attribute"> <span class="html-attribute-name">URI</span>="<span class="html-attribute-value">http://www.legislation.gov.uk/id/ukpga/2004/25/section/40</span>"</span>></span><span>s. 40</span><span class="html-tag"></ukm:Section></span></div></div><span class="folded hidden">...</span><div class="line"><span class="html-tag"></ukm:CommencementAuthority></span></div></div><div class="folder" id="folder12"><div class="line"><span class="folder-button fold"></span><span class="html-tag"><ukm:InForceDates></span></div><div class="opened"><div class="line"><span class="html-tag"><ukm:InForce<span class="html-attribute"> <span class="html-attribute-name">Applied</span>="<span class="html-attribute-value">false</span>"</span><span class="html-attribute"> <span class="html-attribute-name">Prospective</span>="<span class="html-attribute-value">true</span>"</span><span class="html-attribute"> <span class="html-attribute-name">Qualification</span>="<span class="html-attribute-value"></span>"</span>/></span></div></div><span class="folded hidden">...</span><div class="line"><span class="html-tag"></ukm:InForceDates></span></div></div></div><span class="folded hidden">...</span><div class="line"><span class="html-tag"></ukm:UnappliedEffect></span></div></div><div class="folder" id="folder13"><div class="line"><span class="folder-button fold"></span><span class="html-tag"><ukm:UnappliedEffect<span class="html-attribute"> <span class="html-attribute-name">RequiresApplied</span>="<span class="html-attribute-value">false</span>"</span><span class="html-attribute"> <span class="html-attribute-name">AffectedYear</span>="<span class="html-attribute-value">1988</span>"</span><span class="html-attribute"> <span class="html-attribute-name">AffectedNumber</span>="<span class="html-attribute-value">1</span>"</span><span class="html-attribute"> <span class="html-attribute-name">Row</span>="<span class="html-attribute-value">12550</span>"</span><span class="html-attribute"> <span class="html-attribute-name">URI</span>="<span class="html-attribute-value">http://www.legislation.gov.uk/id/effect/key-0e06b525e81058cef6b010bdeff22d29</span>"</span><span class="html-attribute"> <span class="html-attribute-name">AffectedClass</span>="<span class="html-attribute-value">UnitedKingdomPublicGeneralAct</span>"</span><span class="html-attribute"> <span class="html-attribute-name">EffectId</span>="<span class="html-attribute-value">key-0e06b525e81058cef6b010bdeff22d29</span>"</span><span class="html-attribute"> <span class="html-attribute-name">AffectingURI</span>="<span class="html-attribute-value">http://www.legislation.gov.uk/id/uksi/2001/3629</span>"</span><span class="html-attribute"> <span class="html-attribute-name">Modified</span>="<span class="html-attribute-value">2022-04-21T15:01:57Z</span>"</span><span class="html-attribute"> <span class="html-attribute-name">Notes</span>="<span class="html-attribute-value">This amendment not applied to legislation.gov.uk. The words to be substituted do not occur in Sch. 19AB para. 5</span>"</span><span class="html-attribute"> <span class="html-attribute-name">AffectingEffectsExtent</span>="<span class="html-attribute-value">E+W+S+N.I.</span>"</span><span class="html-attribute"> <span class="html-attribute-name">AffectedURI</span>="<span class="html-attribute-value">http://www.legislation.gov.uk/id/ukpga/1988/1</span>"</span><span class="html-attribute"> <span class="html-attribute-name">AffectingClass</span>="<span class="html-attribute-value">UnitedKingdomStatutoryInstrument</span>"</span><span class="html-attribute"> <span class="html-attribute-name">AffectedExtent</span>="<span class="html-attribute-value">E+W+S+N.I.</span>"</span><span class="html-attribute"> <span class="html-attribute-name">AffectingYear</span>="<span class="html-attribute-value">2001</span>"</span><span class="html-attribute"> <span class="html-attribute-name">AffectingNumber</span>="<span class="html-attribute-value">3629</span>"</span><span class="html-attribute"> <span class="html-attribute-name">Type</span>="<span class="html-attribute-value">words substituted</span>"</span><span class="html-attribute"> <span class="html-attribute-name">AffectedProvisions</span>="<span class="html-attribute-value">Sch. 19AB para. 5(5)(a)(b)</span>"</span><span class="html-attribute"> <span class="html-attribute-name">AffectingProvisions</span>="<span class="html-attribute-value">art. 52(2)(n)</span>"</span>></span></div><div class="opened"><div class="line"><span class="html-tag"><ukm:AffectedTitle></span><span>Income and Corporation Taxes Act 1988</span><span class="html-tag"></ukm:AffectedTitle></span></div><div class="folder" id="folder14"><div class="line"><span class="folder-button fold"></span><span class="html-tag"><ukm:AffectedProvisions></span></div><div class="opened"><div class="line"><span class="html-tag"><ukm:Section<span class="html-attribute"> <span class="html-attribute-name">Ref</span>="<span class="html-attribute-value">schedule-19AB</span>"</span><span class="html-attribute"> <span class="html-attribute-name">URI</span>="<span class="html-attribute-value">http://www.legislation.gov.uk/id/ukpga/1988/1/schedule/19AB</span>"</span>></span><span>Sch. 19AB </span><span class="html-tag"></ukm:Section></span></div><div class="line"><span class="html-tag"><ukm:Section<span class="html-attribute"> <span class="html-attribute-name">Ref</span>="<span class="html-attribute-value">schedule-19AB-paragraph-5-5-a</span>"</span><span class="html-attribute"> <span class="html-attribute-name">URI</span>="<span class="html-attribute-value">http://www.legislation.gov.uk/id/ukpga/1988/1/schedule/19AB/paragraph/5/5/a</span>"</span><span class="html-attribute"> <span class="html-attribute-name">FoundRef</span>="<span class="html-attribute-value">schedule-19AB-paragraph-5</span>"</span>></span><span>para. 5(5)(a)</span><span class="html-tag"></ukm:Section></span></div><div class="line"><span class="html-tag"><ukm:Section<span class="html-attribute"> <span class="html-attribute-name">Ref</span>="<span class="html-attribute-value">schedule-19AB-paragraph-5-5-b</span>"</span><span class="html-attribute"> <span class="html-attribute-name">URI</span>="<span class="html-attribute-value">http://www.legislation.gov.uk/id/ukpga/1988/1/schedule/19AB/paragraph/5/5/b</span>"</span><span class="html-attribute"> <span class="html-attribute-name">FoundRef</span>="<span class="html-attribute-value">schedule-19AB-paragraph-5</span>"</span>></span><span>(b)</span><span class="html-tag"></ukm:Section></span></div></div><span class="folded hidden">...</span><div class="line"><span class="html-tag"></ukm:AffectedProvisions></span></div></div><div class="line"><span class="html-tag"><ukm:AffectingTitle></span><span>The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001</span><span class="html-tag"></ukm:AffectingTitle></span></div><div class="folder" id="folder15"><div class="line"><span class="folder-button fold"></span><span class="html-tag"><ukm:AffectingProvisions></span></div><div class="opened"><div class="line"><span class="html-tag"><ukm:Section<span class="html-attribute"> <span class="html-attribute-name">Ref</span>="<span class="html-attribute-value">article-52-2-n</span>"</span><span class="html-attribute"> <span class="html-attribute-name">URI</span>="<span class="html-attribute-value">http://www.legislation.gov.uk/id/uksi/2001/3629/article/52/2/n</span>"</span>></span><span>art. 52(2)(n)</span><span class="html-tag"></ukm:Section></span></div></div><span class="folded hidden">...</span><div class="line"><span class="html-tag"></ukm:AffectingProvisions></span></div></div><div class="folder" id="folder16"><div class="line"><span class="folder-button fold"></span><span class="html-tag"><ukm:CommencementAuthority></span></div><div class="opened"><div class="line"><span class="html-tag"><ukm:Section<span class="html-attribute"> <span class="html-attribute-name">Ref</span>="<span class="html-attribute-value">article-1-2-a</span>"</span><span class="html-attribute"> <span class="html-attribute-name">URI</span>="<span class="html-attribute-value">http://www.legislation.gov.uk/id/uksi/2001/3629/article/1/2/a</span>"</span>></span><span>art. 1(2)(a)</span><span class="html-tag"></ukm:Section></span></div></div><span class="folded hidden">...</span><div class="line"><span class="html-tag"></ukm:CommencementAuthority></span></div></div><div class="folder" id="folder17"><div class="line"><span class="folder-button fold"></span><span class="html-tag"><ukm:InForceDates></span></div><div class="opened"><div class="line"><span class="html-tag"><ukm:InForce<span class="html-attribute"> <span class="html-attribute-name">Date</span>="<span class="html-attribute-value">2001-12-01</span>"</span><span class="html-attribute"> <span class="html-attribute-name">Qualification</span>="<span class="html-attribute-value">with effect in accordance with</span>"</span><span class="html-attribute"> <span class="html-attribute-name">OtherQualification</span>="<span class="html-attribute-value">art. 1(2)(a)</span>"</span>/></span></div></div><span class="folded hidden">...</span><div class="line"><span class="html-tag"></ukm:InForceDates></span></div></div></div><span class="folded hidden">...</span><div class="line"><span class="html-tag"></ukm:UnappliedEffect></span></div></div><div class="folder" id="folder18"><div class="line"><span class="folder-button fold"></span><span class="html-tag"><ukm:UnappliedEffect<span class="html-attribute"> <span class="html-attribute-name">AffectingURI</span>="<span class="html-attribute-value">http://www.legislation.gov.uk/id/uksi/2010/875</span>"</span><span class="html-attribute"> <span class="html-attribute-name">EffectId</span>="<span class="html-attribute-value">key-b9054a3d085379b318defb2d493dc991</span>"</span><span class="html-attribute"> <span class="html-attribute-name">AffectedExtent</span>="<span class="html-attribute-value">E+W+S+N.I.</span>"</span><span class="html-attribute"> <span class="html-attribute-name">Notes</span>="<span class="html-attribute-value">This amendment not applied to legislation.gov.uk. S.I. 2010/875 was revoked (27.8.2010) by SI 2010/1906, reg. 2 without having come into force</span>"</span><span class="html-attribute"> <span class="html-attribute-name">AffectedNumber</span>="<span class="html-attribute-value">1</span>"</span><span class="html-attribute"> <span class="html-attribute-name">Type</span>="<span class="html-attribute-value">applied (with modifications)</span>"</span><span class="html-attribute"> <span class="html-attribute-name">AffectedProvisions</span>="<span class="html-attribute-value">Act</span>"</span><span class="html-attribute"> <span class="html-attribute-name">AffectingYear</span>="<span class="html-attribute-value">2010</span>"</span><span class="html-attribute"> <span class="html-attribute-name">Modified</span>="<span class="html-attribute-value">2022-04-21T15:01:57Z</span>"</span><span class="html-attribute"> <span class="html-attribute-name">AffectedURI</span>="<span class="html-attribute-value">http://www.legislation.gov.uk/id/ukpga/1988/1</span>"</span><span class="html-attribute"> <span class="html-attribute-name">AffectingNumber</span>="<span class="html-attribute-value">875</span>"</span><span class="html-attribute"> <span class="html-attribute-name">RequiresApplied</span>="<span class="html-attribute-value">false</span>"</span><span class="html-attribute"> <span class="html-attribute-name">Row</span>="<span class="html-attribute-value">264</span>"</span><span class="html-attribute"> <span class="html-attribute-name">AffectingEffectsExtent</span>="<span class="html-attribute-value">E+W+S</span>"</span><span class="html-attribute"> <span class="html-attribute-name">URI</span>="<span class="html-attribute-value">http://www.legislation.gov.uk/id/effect/key-b9054a3d085379b318defb2d493dc991</span>"</span><span class="html-attribute"> <span class="html-attribute-name">AffectedYear</span>="<span class="html-attribute-value">1988</span>"</span><span class="html-attribute"> <span class="html-attribute-name">AffectingProvisions</span>="<span class="html-attribute-value">reg. 16 Sch. 2</span>"</span><span class="html-attribute"> <span class="html-attribute-name">AffectingClass</span>="<span class="html-attribute-value">UnitedKingdomStatutoryInstrument</span>"</span><span class="html-attribute"> <span class="html-attribute-name">AffectedClass</span>="<span class="html-attribute-value">UnitedKingdomPublicGeneralAct</span>"</span>></span></div><div class="opened"><div class="line"><span class="html-tag"><ukm:AffectedTitle></span><span>Income and Corporation Taxes Act 1988</span><span class="html-tag"></ukm:AffectedTitle></span></div><div class="line"><span class="html-tag"><ukm:AffectedProvisions></span><span>Act</span><span class="html-tag"></ukm:AffectedProvisions></span></div><div class="line"><span class="html-tag"><ukm:AffectingTitle></span><span>The Employment and Support Allowance (Transitional Provisions, Housing Benefit and Council Tax Benefit) (Existing Awards) Regulations 2010</span><span class="html-tag"></ukm:AffectingTitle></span></div><div class="folder" id="folder19"><div class="line"><span class="folder-button fold"></span><span class="html-tag"><ukm:AffectingProvisions></span></div><div class="opened"><div class="line"><span class="html-tag"><ukm:Section<span class="html-attribute"> <span class="html-attribute-name">Ref</span>="<span class="html-attribute-value">regulation-16</span>"</span><span class="html-attribute"> <span class="html-attribute-name">URI</span>="<span class="html-attribute-value">http://www.legislation.gov.uk/id/uksi/2010/875/regulation/16</span>"</span>></span><span>reg. 16</span><span class="html-tag"></ukm:Section></span></div><span> </span><div class="line"><span class="html-tag"><ukm:Section<span class="html-attribute"> <span class="html-attribute-name">Ref</span>="<span class="html-attribute-value">schedule-2</span>"</span><span class="html-attribute"> <span class="html-attribute-name">URI</span>="<span class="html-attribute-value">http://www.legislation.gov.uk/id/uksi/2010/875/schedule/2</span>"</span>></span><span>Sch. 2</span><span class="html-tag"></ukm:Section></span></div></div><span class="folded hidden">...</span><div class="line"><span class="html-tag"></ukm:AffectingProvisions></span></div></div><div class="folder" id="folder20"><div class="line"><span class="folder-button fold"></span><span class="html-tag"><ukm:CommencementAuthority></span></div><div class="opened"><div class="line"><span class="html-tag"><ukm:Section<span class="html-attribute"> <span class="html-attribute-name">Ref</span>="<span class="html-attribute-value">regulation-1-2</span>"</span><span class="html-attribute"> <span class="html-attribute-name">URI</span>="<span class="html-attribute-value">http://www.legislation.gov.uk/id/uksi/2010/875/regulation/1/2</span>"</span>></span><span>reg. 1(2)</span><span class="html-tag"></ukm:Section></span></div></div><span class="folded hidden">...</span><div class="line"><span class="html-tag"></ukm:CommencementAuthority></span></div></div><div class="folder" id="folder21"><div class="line"><span class="folder-button fold"></span><span class="html-tag"><ukm:InForceDates></span></div><div class="opened"><div class="line"><span class="html-tag"><ukm:InForce<span class="html-attribute"> <span class="html-attribute-name">Date</span>="<span class="html-attribute-value">2010-10-01</span>"</span><span class="html-attribute"> <span class="html-attribute-name">Qualification</span>="<span class="html-attribute-value">wholly in force</span>"</span>/></span></div></div><span class="folded hidden">...</span><div class="line"><span class="html-tag"></ukm:InForceDates></span></div></div></div><span class="folded hidden">...</span><div class="line"><span class="html-tag"></ukm:UnappliedEffect></span></div></div></div><span class="folded hidden">...</span><div class="line"><span class="html-tag"></ukm:UnappliedEffects></span></div></div></div><span class="folded hidden">...</span><div class="line"><span class="html-tag"></ukm:PrimaryMetadata></span></div></div><span> </span><div class="folder" id="folder22"><div class="line"><span class="folder-button fold"></span><span class="html-tag"><ukm:Alternatives></span></div><div class="opened"><div class="line"><span class="html-tag"><ukm:Alternative<span class="html-attribute"> <span class="html-attribute-name">URI</span>="<span class="html-attribute-value">http://www.legislation.gov.uk/ukpga/1988/1/pdfs/ukpga_19880001_en.pdf</span>"</span><span class="html-attribute"> <span class="html-attribute-name">Date</span>="<span class="html-attribute-value">2015-08-17</span>"</span><span class="html-attribute"> <span class="html-attribute-name">Size</span>="<span class="html-attribute-value">23256248</span>"</span>/></span></div></div><span class="folded hidden">...</span><div class="line"><span class="html-tag"></ukm:Alternatives></span></div></div><span> </span><div class="folder" id="folder23"><div class="line"><span class="folder-button fold"></span><span class="html-tag"><ukm:Statistics></span></div><div class="opened"><span> </span><div class="line"><span class="html-tag"><ukm:TotalParagraphs<span class="html-attribute"> <span class="html-attribute-name">Value</span>="<span class="html-attribute-value">2544</span>"</span>/></span></div><span> </span><div class="line"><span class="html-tag"><ukm:BodyParagraphs<span class="html-attribute"> <span class="html-attribute-name">Value</span>="<span class="html-attribute-value">1579</span>"</span>/></span></div><span> </span><div class="line"><span class="html-tag"><ukm:ScheduleParagraphs<span class="html-attribute"> <span class="html-attribute-name">Value</span>="<span class="html-attribute-value">965</span>"</span>/></span></div><span> </span><div class="line"><span class="html-tag"><ukm:AttachmentParagraphs<span class="html-attribute"> <span class="html-attribute-name">Value</span>="<span class="html-attribute-value">0</span>"</span>/></span></div><span> </span><div class="line"><span class="html-tag"><ukm:TotalImages<span class="html-attribute"> <span class="html-attribute-name">Value</span>="<span class="html-attribute-value">37</span>"</span>/></span></div><span> </span></div><span class="folded hidden">...</span><div class="line"><span class="html-tag"></ukm:Statistics></span></div></div><span> </span></div><span class="folded hidden">...</span><div class="line"><span class="html-tag"></ukm:Metadata></span></div></div><div class="folder" id="folder24"><div class="line"><span class="folder-button fold"></span><span class="html-tag"><Primary></span></div><div class="opened"><div class="folder" id="folder25"><div class="line"><span class="folder-button fold"></span><span class="html-tag"><Schedules<span class="html-attribute"> <span class="html-attribute-name">RestrictExtent</span>="<span class="html-attribute-value">E+W+S+N.I.</span>"</span><span class="html-attribute"> <span class="html-attribute-name">RestrictStartDate</span>="<span class="html-attribute-value">2007-12-27</span>"</span>></span></div><div class="opened"><div class="line"><span class="html-tag"><Title></span><span> SCHEDULES</span><span class="html-tag"></Title></span></div><div class="folder" id="folder26"><div class="line"><span class="folder-button fold"></span><span class="html-tag"><Schedule<span class="html-attribute"> <span class="html-attribute-name">DocumentURI</span>="<span class="html-attribute-value">http://www.legislation.gov.uk/ukpga/1988/1/schedule/27</span>"</span><span class="html-attribute"> <span class="html-attribute-name">IdURI</span>="<span class="html-attribute-value">http://www.legislation.gov.uk/id/ukpga/1988/1/schedule/27</span>"</span><span class="html-attribute"> <span class="html-attribute-name">NumberOfProvisions</span>="<span class="html-attribute-value">21</span>"</span><span class="html-attribute"> <span class="html-attribute-name">id</span>="<span class="html-attribute-value">schedule-27</span>"</span><span class="html-attribute"> <span class="html-attribute-name">RestrictExtent</span>="<span class="html-attribute-value">E+W+S+N.I.</span>"</span><span class="html-attribute"> <span class="html-attribute-name">RestrictStartDate</span>="<span class="html-attribute-value">2009-12-01</span>"</span>></span></div><div class="opened"><div class="folder" id="folder27"><div class="line"><span class="folder-button fold"></span><span class="html-tag"><Number></span></div><div class="opened"><div class="line"><span class="html-tag"><CommentaryRef<span class="html-attribute"> <span class="html-attribute-name">Ref</span>="<span class="html-attribute-value">c23829271</span>"</span>/></span></div><div class="line"><span class="html-tag"><CommentaryRef<span class="html-attribute"> <span class="html-attribute-name">Ref</span>="<span class="html-attribute-value">c23829271</span>"</span>/></span></div><span>SCHEDULE 27</span></div><span class="folded hidden">...</span><div class="line"><span class="html-tag"></Number></span></div></div><div class="folder" id="folder28"><div class="line"><span class="folder-button fold"></span><span class="html-tag"><ScheduleBody></span></div><div class="opened"><div class="folder" id="folder29"><div class="line"><span class="folder-button fold"></span><span class="html-tag"><Part<span class="html-attribute"> <span class="html-attribute-name">DocumentURI</span>="<span class="html-attribute-value">http://www.legislation.gov.uk/ukpga/1988/1/schedule/27/part/I</span>"</span><span class="html-attribute"> <span class="html-attribute-name">IdURI</span>="<span class="html-attribute-value">http://www.legislation.gov.uk/id/ukpga/1988/1/schedule/27/part/I</span>"</span><span class="html-attribute"> <span class="html-attribute-name">NumberOfProvisions</span>="<span class="html-attribute-value">5</span>"</span><span class="html-attribute"> <span class="html-attribute-name">RestrictExtent</span>="<span class="html-attribute-value">E+W+S+N.I.</span>"</span><span class="html-attribute"> <span class="html-attribute-name">RestrictEndDate</span>="<span class="html-attribute-value">2009-12-01</span>"</span><span class="html-attribute"> <span class="html-attribute-name">Match</span>="<span class="html-attribute-value">false</span>"</span><span class="html-attribute"> <span class="html-attribute-name">id</span>="<span class="html-attribute-value">schedule-27-part-I</span>"</span>></span></div><div class="opened"><div class="line"><span class="html-tag"><Number></span><span>PART I</span><span class="html-tag"></Number></span></div><div class="line"><span class="html-tag"><Title></span><span> THE DISTRIBUTION TEST</span><span class="html-tag"></Title></span></div><div class="folder" id="folder30"><div class="line"><span class="folder-button fold"></span><span class="html-tag"><Pblock<span class="html-attribute"> <span class="html-attribute-name">DocumentURI</span>="<span class="html-attribute-value">http://www.legislation.gov.uk/ukpga/1988/1/schedule/27/part/I/crossheading/funds-operating-equalisation-arrangements</span>"</span><span class="html-attribute"> <span class="html-attribute-name">IdURI</span>="<span class="html-attribute-value">http://www.legislation.gov.uk/id/ukpga/1988/1/schedule/27/part/I/crossheading/funds-operating-equalisation-arrangements</span>"</span><span class="html-attribute"> <span class="html-attribute-name">NumberOfProvisions</span>="<span class="html-attribute-value">1</span>"</span><span class="html-attribute"> <span class="html-attribute-name">RestrictExtent</span>="<span class="html-attribute-value">E+W+S+N.I.</span>"</span><span class="html-attribute"> <span class="html-attribute-name">RestrictEndDate</span>="<span class="html-attribute-value">2009-12-01</span>"</span><span class="html-attribute"> <span class="html-attribute-name">Match</span>="<span class="html-attribute-value">false</span>"</span><span class="html-attribute"> <span class="html-attribute-name">id</span>="<span class="html-attribute-value">schedule-27-part-I-crossheading-funds-operating-equalisation-arrangements</span>"</span>></span></div><div class="opened"><div class="line"><span class="html-tag"><Title></span><span> Funds operating equalisation arrangements</span><span class="html-tag"></Title></span></div><div class="folder" id="folder31"><div class="line"><span class="folder-button fold"></span><span class="html-tag"><P1group<span class="html-attribute"> <span class="html-attribute-name">Layout</span>="<span class="html-attribute-value">below</span>"</span><span class="html-attribute"> <span class="html-attribute-name">RestrictExtent</span>="<span class="html-attribute-value">E+W+S+N.I.</span>"</span><span class="html-attribute"> <span class="html-attribute-name">RestrictEndDate</span>="<span class="html-attribute-value">2009-12-01</span>"</span><span class="html-attribute"> <span class="html-attribute-name">Match</span>="<span class="html-attribute-value">false</span>"</span>></span></div><div class="opened"><div class="line"><span class="html-tag"><Title/></span></div><div class="folder" id="folder32"><div class="line"><span class="folder-button fold"></span><span class="html-tag"><P1<span class="html-attribute"> <span class="html-attribute-name">DocumentURI</span>="<span class="html-attribute-value">http://www.legislation.gov.uk/ukpga/1988/1/schedule/27/paragraph/2</span>"</span><span class="html-attribute"> <span class="html-attribute-name">IdURI</span>="<span class="html-attribute-value">http://www.legislation.gov.uk/id/ukpga/1988/1/schedule/27/paragraph/2</span>"</span><span class="html-attribute"> <span class="html-attribute-name">id</span>="<span class="html-attribute-value">schedule-27-paragraph-2</span>"</span>></span></div><div class="opened"><div class="line"><span class="html-tag"><Pnumber></span><span>2</span><span class="html-tag"></Pnumber></span></div><div class="folder" id="folder33"><div class="line"><span class="folder-button fold"></span><span class="html-tag"><P1para></span></div><div class="opened"><div class="folder" id="folder34"><div class="line"><span class="folder-button fold"></span><span class="html-tag"><P2<span class="html-attribute"> <span class="html-attribute-name">DocumentURI</span>="<span class="html-attribute-value">http://www.legislation.gov.uk/ukpga/1988/1/schedule/27/paragraph/2/1</span>"</span><span class="html-attribute"> <span class="html-attribute-name">IdURI</span>="<span class="html-attribute-value">http://www.legislation.gov.uk/id/ukpga/1988/1/schedule/27/paragraph/2/1</span>"</span><span class="html-attribute"> <span class="html-attribute-name">id</span>="<span class="html-attribute-value">schedule-27-paragraph-2-1</span>"</span>></span></div><div class="opened"><div class="line"><span class="html-tag"><Pnumber></span><span>1</span><span class="html-tag"></Pnumber></span></div><div class="folder" id="folder35"><div class="line"><span class="folder-button fold"></span><span class="html-tag"><P2para></span></div><div class="opened"><div class="line"><span class="html-tag"><Text></span><span>In the case of an offshore fund which throughout any account period operates equalisation arrangements, on any occasion in that period when there is a disposal to which this sub-paragraph applies, the fund shall be treated for the purposes of this Part of this Schedule as making a distribution of an amount equal to so much of the consideration for the disposal as, in accordance with this paragraph, represents income accrued to the date of the disposal.</span><span class="html-tag"></Text></span></div></div><span class="folded hidden">...</span><div class="line"><span class="html-tag"></P2para></span></div></div></div><span class="folded hidden">...</span><div class="line"><span class="html-tag"></P2></span></div></div><div class="folder" id="folder36"><div class="line"><span class="folder-button fold"></span><span class="html-tag"><P2<span class="html-attribute"> <span class="html-attribute-name">DocumentURI</span>="<span class="html-attribute-value">http://www.legislation.gov.uk/ukpga/1988/1/schedule/27/paragraph/2/2</span>"</span><span class="html-attribute"> <span class="html-attribute-name">IdURI</span>="<span class="html-attribute-value">http://www.legislation.gov.uk/id/ukpga/1988/1/schedule/27/paragraph/2/2</span>"</span><span class="html-attribute"> <span class="html-attribute-name">id</span>="<span class="html-attribute-value">schedule-27-paragraph-2-2</span>"</span>></span></div><div class="opened"><div class="line"><span class="html-tag"><Pnumber></span><span>2</span><span class="html-tag"></Pnumber></span></div><div class="folder" id="folder37"><div class="line"><span class="folder-button fold"></span><span class="html-tag"><P2para></span></div><div class="opened"><div class="line"><span class="html-tag"><Text></span><span>Sub-paragraph (1) above applies to a disposal—</span><span class="html-tag"></Text></span></div><div class="folder" id="folder38"><div class="line"><span class="folder-button fold"></span><span class="html-tag"><P3<span class="html-attribute"> <span class="html-attribute-name">DocumentURI</span>="<span class="html-attribute-value">http://www.legislation.gov.uk/ukpga/1988/1/schedule/27/paragraph/2/2/a</span>"</span><span class="html-attribute"> <span class="html-attribute-name">IdURI</span>="<span class="html-attribute-value">http://www.legislation.gov.uk/id/ukpga/1988/1/schedule/27/paragraph/2/2/a</span>"</span><span class="html-attribute"> <span class="html-attribute-name">id</span>="<span class="html-attribute-value">schedule-27-paragraph-2-2-a</span>"</span>></span></div><div class="opened"><div class="line"><span class="html-tag"><Pnumber></span><span>a</span><span class="html-tag"></Pnumber></span></div><div class="folder" id="folder39"><div class="line"><span class="folder-button fold"></span><span class="html-tag"><P3para></span></div><div class="opened"><div class="line"><span class="html-tag"><Text></span><span>which is a disposal of a material interest in the offshore fund concerned; and</span><span class="html-tag"></Text></span></div></div><span class="folded hidden">...</span><div class="line"><span class="html-tag"></P3para></span></div></div></div><span class="folded hidden">...</span><div class="line"><span class="html-tag"></P3></span></div></div><div class="folder" id="folder40"><div class="line"><span class="folder-button fold"></span><span class="html-tag"><P3<span class="html-attribute"> <span class="html-attribute-name">DocumentURI</span>="<span class="html-attribute-value">http://www.legislation.gov.uk/ukpga/1988/1/schedule/27/paragraph/2/2/b</span>"</span><span class="html-attribute"> <span class="html-attribute-name">IdURI</span>="<span class="html-attribute-value">http://www.legislation.gov.uk/id/ukpga/1988/1/schedule/27/paragraph/2/2/b</span>"</span><span class="html-attribute"> <span class="html-attribute-name">id</span>="<span class="html-attribute-value">schedule-27-paragraph-2-2-b</span>"</span>></span></div><div class="opened"><div class="line"><span class="html-tag"><Pnumber></span><span>b</span><span class="html-tag"></Pnumber></span></div><div class="folder" id="folder41"><div class="line"><span class="folder-button fold"></span><span class="html-tag"><P3para></span></div><div class="opened"><div class="line"><span class="html-tag"><Text></span><span>which is a disposal to which this Chapter applies (whether by virtue of section 758(3) or otherwise) or is one to which this Chapter would apply if subsections (5) and (6) of that section applied generally and not only for the purpose of determining whether, by virtue of subsection (3) of that section, there is a disposal to which this Chapter applies; and</span><span class="html-tag"></Text></span></div></div><span class="folded hidden">...</span><div class="line"><span class="html-tag"></P3para></span></div></div></div><span class="folded hidden">...</span><div class="line"><span class="html-tag"></P3></span></div></div><div class="folder" id="folder42"><div class="line"><span class="folder-button fold"></span><span class="html-tag"><P3<span class="html-attribute"> <span class="html-attribute-name">DocumentURI</span>="<span class="html-attribute-value">http://www.legislation.gov.uk/ukpga/1988/1/schedule/27/paragraph/2/2/c</span>"</span><span class="html-attribute"> <span class="html-attribute-name">IdURI</span>="<span class="html-attribute-value">http://www.legislation.gov.uk/id/ukpga/1988/1/schedule/27/paragraph/2/2/c</span>"</span><span class="html-attribute"> <span class="html-attribute-name">id</span>="<span class="html-attribute-value">schedule-27-paragraph-2-2-c</span>"</span>></span></div><div class="opened"><div class="line"><span class="html-tag"><Pnumber></span><span>c</span><span class="html-tag"></Pnumber></span></div><div class="folder" id="folder43"><div class="line"><span class="folder-button fold"></span><span class="html-tag"><P3para></span></div><div class="opened"><div class="line"><span class="html-tag"><Text></span><span>which is not a disposal with respect to which the conditions in subsection (4) of that section are fulfilled; and</span><span class="html-tag"></Text></span></div></div><span class="folded hidden">...</span><div class="line"><span class="html-tag"></P3para></span></div></div></div><span class="folded hidden">...</span><div class="line"><span class="html-tag"></P3></span></div></div><div class="folder" id="folder44"><div class="line"><span class="folder-button fold"></span><span class="html-tag"><P3<span class="html-attribute"> <span class="html-attribute-name">DocumentURI</span>="<span class="html-attribute-value">http://www.legislation.gov.uk/ukpga/1988/1/schedule/27/paragraph/2/2/d</span>"</span><span class="html-attribute"> <span class="html-attribute-name">IdURI</span>="<span class="html-attribute-value">http://www.legislation.gov.uk/id/ukpga/1988/1/schedule/27/paragraph/2/2/d</span>"</span><span class="html-attribute"> <span class="html-attribute-name">id</span>="<span class="html-attribute-value">schedule-27-paragraph-2-2-d</span>"</span>></span></div><div class="opened"><div class="line"><span class="html-tag"><Pnumber></span><span>d</span><span class="html-tag"></Pnumber></span></div><div class="folder" id="folder45"><div class="line"><span class="folder-button fold"></span><span class="html-tag"><P3para></span></div><div class="opened"><div class="folder" id="folder46"><div class="line"><span class="folder-button fold"></span><span class="html-tag"><Text></span></div><div class="opened"><span>which is a disposal to the fund itself or to the persons concerned in the management of the fund (“</span><div class="line"><span class="html-tag"><Term<span class="html-attribute"> <span class="html-attribute-name">id</span>="<span class="html-attribute-value">term-the-managers</span>"</span>></span><span>the managers</span><span class="html-tag"></Term></span></div><span>”) in their capacity as such.</span></div><span class="folded hidden">...</span><div class="line"><span class="html-tag"></Text></span></div></div></div><span class="folded hidden">...</span><div class="line"><span class="html-tag"></P3para></span></div></div></div><span class="folded hidden">...</span><div class="line"><span class="html-tag"></P3></span></div></div></div><span class="folded hidden">...</span><div class="line"><span class="html-tag"></P2para></span></div></div></div><span class="folded hidden">...</span><div class="line"><span class="html-tag"></P2></span></div></div><div class="folder" id="folder47"><div class="line"><span class="folder-button fold"></span><span class="html-tag"><P2<span class="html-attribute"> <span class="html-attribute-name">DocumentURI</span>="<span class="html-attribute-value">http://www.legislation.gov.uk/ukpga/1988/1/schedule/27/paragraph/2/3</span>"</span><span class="html-attribute"> <span class="html-attribute-name">IdURI</span>="<span class="html-attribute-value">http://www.legislation.gov.uk/id/ukpga/1988/1/schedule/27/paragraph/2/3</span>"</span><span class="html-attribute"> <span class="html-attribute-name">id</span>="<span class="html-attribute-value">schedule-27-paragraph-2-3</span>"</span>></span></div><div class="opened"><div class="line"><span class="html-tag"><Pnumber></span><span>3</span><span class="html-tag"></Pnumber></span></div><div class="folder" id="folder48"><div class="line"><span class="folder-button fold"></span><span class="html-tag"><P2para></span></div><div class="opened"><div class="line"><span class="html-tag"><Text></span><span>On a disposal to which sub-paragraph (1) above applies, the part of the consideration which represents income accrued to the date of the disposal is, subject to sub-paragraph (4) and paragraph 4(4) below, the amount which would be credited to the equalisation account of the offshore fund concerned in respect of accrued income if, on the date of the disposal, the material interest which is disposed of were acquired by another person by way of initial purchase.</span><span class="html-tag"></Text></span></div></div><span class="folded hidden">...</span><div class="line"><span class="html-tag"></P2para></span></div></div></div><span class="folded hidden">...</span><div class="line"><span class="html-tag"></P2></span></div></div><div class="folder" id="folder49"><div class="line"><span class="folder-button fold"></span><span class="html-tag"><P2<span class="html-attribute"> <span class="html-attribute-name">DocumentURI</span>="<span class="html-attribute-value">http://www.legislation.gov.uk/ukpga/1988/1/schedule/27/paragraph/2/4</span>"</span><span class="html-attribute"> <span class="html-attribute-name">IdURI</span>="<span class="html-attribute-value">http://www.legislation.gov.uk/id/ukpga/1988/1/schedule/27/paragraph/2/4</span>"</span><span class="html-attribute"> <span class="html-attribute-name">id</span>="<span class="html-attribute-value">schedule-27-paragraph-2-4</span>"</span>></span></div><div class="opened"><div class="line"><span class="html-tag"><Pnumber></span><span>4</span><span class="html-tag"></Pnumber></span></div><div class="folder" id="folder50"><div class="line"><span class="folder-button fold"></span><span class="html-tag"><P2para></span></div><div class="opened"><div class="line"><span class="html-tag"><Text></span><span>If, after the beginning of the period by reference to which the accrued income referred to in sub-paragraph (3) above is calculated, the material interest disposed of by a disposal to which sub-paragraph (1) above applies was acquired by way of initial purchase (whether or not by the person making the disposal)—</span><span class="html-tag"></Text></span></div><div class="folder" id="folder51"><div class="line"><span class="folder-button fold"></span><span class="html-tag"><P3<span class="html-attribute"> <span class="html-attribute-name">DocumentURI</span>="<span class="html-attribute-value">http://www.legislation.gov.uk/ukpga/1988/1/schedule/27/paragraph/2/4/a</span>"</span><span class="html-attribute"> <span class="html-attribute-name">IdURI</span>="<span class="html-attribute-value">http://www.legislation.gov.uk/id/ukpga/1988/1/schedule/27/paragraph/2/4/a</span>"</span><span class="html-attribute"> <span class="html-attribute-name">id</span>="<span class="html-attribute-value">schedule-27-paragraph-2-4-a</span>"</span>></span></div><div class="opened"><div class="line"><span class="html-tag"><Pnumber></span><span>a</span><span class="html-tag"></Pnumber></span></div><div class="folder" id="folder52"><div class="line"><span class="folder-button fold"></span><span class="html-tag"><P3para></span></div><div class="opened"><div class="line"><span class="html-tag"><Text></span><span>there shall be deducted from the amount which, in accordance with sub-paragraph (3) above, would represent income accrued to the date of the disposal, the amount which on that acquisition was credited to the equalisation account of the fund in respect of accrued income; and</span><span class="html-tag"></Text></span></div></div><span class="folded hidden">...</span><div class="line"><span class="html-tag"></P3para></span></div></div></div><span class="folded hidden">...</span><div class="line"><span class="html-tag"></P3></span></div></div><div class="folder" id="folder53"><div class="line"><span class="folder-button fold"></span><span class="html-tag"><P3<span class="html-attribute"> <span class="html-attribute-name">DocumentURI</span>="<span class="html-attribute-value">http://www.legislation.gov.uk/ukpga/1988/1/schedule/27/paragraph/2/4/b</span>"</span><span class="html-attribute"> <span class="html-attribute-name">IdURI</span>="<span class="html-attribute-value">http://www.legislation.gov.uk/id/ukpga/1988/1/schedule/27/paragraph/2/4/b</span>"</span><span class="html-attribute"> <span class="html-attribute-name">id</span>="<span class="html-attribute-value">schedule-27-paragraph-2-4-b</span>"</span>></span></div><div class="opened"><div class="line"><span class="html-tag"><Pnumber></span><span>b</span><span class="html-tag"></Pnumber></span></div><div class="folder" id="folder54"><div class="line"><span class="folder-button fold"></span><span class="html-tag"><P3para></span></div><div class="opened"><div class="line"><span class="html-tag"><Text></span><span>if in that period there has been more than one such acquisition of that material interest by way of initial purchase, the deduction to be made under this sub-paragraph shall be the amount so credited to the equalisation account on the latest such acquisition prior to the disposal in question.</span><span class="html-tag"></Text></span></div></div><span class="folded hidden">...</span><div class="line"><span class="html-tag"></P3para></span></div></div></div><span class="folded hidden">...</span><div class="line"><span class="html-tag"></P3></span></div></div></div><span class="folded hidden">...</span><div class="line"><span class="html-tag"></P2para></span></div></div></div><span class="folded hidden">...</span><div class="line"><span class="html-tag"></P2></span></div></div><div class="folder" id="folder55"><div class="line"><span class="folder-button fold"></span><span class="html-tag"><P2<span class="html-attribute"> <span class="html-attribute-name">DocumentURI</span>="<span class="html-attribute-value">http://www.legislation.gov.uk/ukpga/1988/1/schedule/27/paragraph/2/5</span>"</span><span class="html-attribute"> <span class="html-attribute-name">IdURI</span>="<span class="html-attribute-value">http://www.legislation.gov.uk/id/ukpga/1988/1/schedule/27/paragraph/2/5</span>"</span><span class="html-attribute"> <span class="html-attribute-name">id</span>="<span class="html-attribute-value">schedule-27-paragraph-2-5</span>"</span>></span></div><div class="opened"><div class="line"><span class="html-tag"><Pnumber></span><span>5</span><span class="html-tag"></Pnumber></span></div><div class="folder" id="folder56"><div class="line"><span class="folder-button fold"></span><span class="html-tag"><P2para></span></div><div class="opened"><div class="line"><span class="html-tag"><Text></span><span>Where, by virtue of this paragraph, an offshore fund is treated for the purposes of this Part of this Schedule as making a distribution on the occasion of a disposal, the distribution shall be treated for those purposes—</span><span class="html-tag"></Text></span></div><div class="folder" id="folder57"><div class="line"><span class="folder-button fold"></span><span class="html-tag"><P3<span class="html-attribute"> <span class="html-attribute-name">DocumentURI</span>="<span class="html-attribute-value">http://www.legislation.gov.uk/ukpga/1988/1/schedule/27/paragraph/2/5/a</span>"</span><span class="html-attribute"> <span class="html-attribute-name">IdURI</span>="<span class="html-attribute-value">http://www.legislation.gov.uk/id/ukpga/1988/1/schedule/27/paragraph/2/5/a</span>"</span><span class="html-attribute"> <span class="html-attribute-name">id</span>="<span class="html-attribute-value">schedule-27-paragraph-2-5-a</span>"</span>></span></div><div class="opened"><div class="line"><span class="html-tag"><Pnumber></span><span>a</span><span class="html-tag"></Pnumber></span></div><div class="folder" id="folder58"><div class="line"><span class="folder-button fold"></span><span class="html-tag"><P3para></span></div><div class="opened"><div class="line"><span class="html-tag"><Text></span><span>as complying with paragraph 1(1)(d) above; and</span><span class="html-tag"></Text></span></div></div><span class="folded hidden">...</span><div class="line"><span class="html-tag"></P3para></span></div></div></div><span class="folded hidden">...</span><div class="line"><span class="html-tag"></P3></span></div></div><div class="folder" id="folder59"><div class="line"><span class="folder-button fold"></span><span class="html-tag"><P3<span class="html-attribute"> <span class="html-attribute-name">DocumentURI</span>="<span class="html-attribute-value">http://www.legislation.gov.uk/ukpga/1988/1/schedule/27/paragraph/2/5/b</span>"</span><span class="html-attribute"> <span class="html-attribute-name">IdURI</span>="<span class="html-attribute-value">http://www.legislation.gov.uk/id/ukpga/1988/1/schedule/27/paragraph/2/5/b</span>"</span><span class="html-attribute"> <span class="html-attribute-name">id</span>="<span class="html-attribute-value">schedule-27-paragraph-2-5-b</span>"</span>></span></div><div class="opened"><div class="line"><span class="html-tag"><Pnumber></span><span>b</span><span class="html-tag"></Pnumber></span></div><div class="folder" id="folder60"><div class="line"><span class="folder-button fold"></span><span class="html-tag"><P3para></span></div><div class="opened"><div class="line"><span class="html-tag"><Text></span><span>as made out of the income of the fund for the account period in which the disposal occurs; and</span><span class="html-tag"></Text></span></div></div><span class="folded hidden">...</span><div class="line"><span class="html-tag"></P3para></span></div></div></div><span class="folded hidden">...</span><div class="line"><span class="html-tag"></P3></span></div></div><div class="folder" id="folder61"><div class="line"><span class="folder-button fold"></span><span class="html-tag"><P3<span class="html-attribute"> <span class="html-attribute-name">DocumentURI</span>="<span class="html-attribute-value">http://www.legislation.gov.uk/ukpga/1988/1/schedule/27/paragraph/2/5/c</span>"</span><span class="html-attribute"> <span class="html-attribute-name">IdURI</span>="<span class="html-attribute-value">http://www.legislation.gov.uk/id/ukpga/1988/1/schedule/27/paragraph/2/5/c</span>"</span><span class="html-attribute"> <span class="html-attribute-name">id</span>="<span class="html-attribute-value">schedule-27-paragraph-2-5-c</span>"</span>></span></div><div class="opened"><div class="line"><span class="html-tag"><Pnumber></span><span>c</span><span class="html-tag"></Pnumber></span></div><div class="folder" id="folder62"><div class="line"><span class="folder-button fold"></span><span class="html-tag"><P3para></span></div><div class="opened"><div class="line"><span class="html-tag"><Text></span><span>as paid, immediately before the disposal, to the person who was then the holder of the interest disposed of.</span><span class="html-tag"></Text></span></div></div><span class="folded hidden">...</span><div class="line"><span class="html-tag"></P3para></span></div></div></div><span class="folded hidden">...</span><div class="line"><span class="html-tag"></P3></span></div></div></div><span class="folded hidden">...</span><div class="line"><span class="html-tag"></P2para></span></div></div></div><span class="folded hidden">...</span><div class="line"><span class="html-tag"></P2></span></div></div><div class="folder" id="folder63"><div class="line"><span class="folder-button fold"></span><span class="html-tag"><P2<span class="html-attribute"> <span class="html-attribute-name">DocumentURI</span>="<span class="html-attribute-value">http://www.legislation.gov.uk/ukpga/1988/1/schedule/27/paragraph/2/6</span>"</span><span class="html-attribute"> <span class="html-attribute-name">IdURI</span>="<span class="html-attribute-value">http://www.legislation.gov.uk/id/ukpga/1988/1/schedule/27/paragraph/2/6</span>"</span><span class="html-attribute"> <span class="html-attribute-name">id</span>="<span class="html-attribute-value">schedule-27-paragraph-2-6</span>"</span>></span></div><div class="opened"><div class="line"><span class="html-tag"><Pnumber></span><span>6</span><span class="html-tag"></Pnumber></span></div><div class="folder" id="folder64"><div class="line"><span class="folder-button fold"></span><span class="html-tag"><P2para></span></div><div class="opened"><div class="line"><span class="html-tag"><Text></span><span>In any case where—</span><span class="html-tag"></Text></span></div><div class="folder" id="folder65"><div class="line"><span class="folder-button fold"></span><span class="html-tag"><P3<span class="html-attribute"> <span class="html-attribute-name">DocumentURI</span>="<span class="html-attribute-value">http://www.legislation.gov.uk/ukpga/1988/1/schedule/27/paragraph/2/6/a</span>"</span><span class="html-attribute"> <span class="html-attribute-name">IdURI</span>="<span class="html-attribute-value">http://www.legislation.gov.uk/id/ukpga/1988/1/schedule/27/paragraph/2/6/a</span>"</span><span class="html-attribute"> <span class="html-attribute-name">id</span>="<span class="html-attribute-value">schedule-27-paragraph-2-6-a</span>"</span>></span></div><div class="opened"><div class="line"><span class="html-tag"><Pnumber></span><span>a</span><span class="html-tag"></Pnumber></span></div><div class="folder" id="folder66"><div class="line"><span class="folder-button fold"></span><span class="html-tag"><P3para></span></div><div class="opened"><div class="line"><span class="html-tag"><Text></span><span>a distribution in respect of an interest in an offshore fund is made to the managers of the fund, and</span><span class="html-tag"></Text></span></div></div><span class="folded hidden">...</span><div class="line"><span class="html-tag"></P3para></span></div></div></div><span class="folded hidden">...</span><div class="line"><span class="html-tag"></P3></span></div></div><div class="folder" id="folder67"><div class="line"><span class="folder-button fold"></span><span class="html-tag"><P3<span class="html-attribute"> <span class="html-attribute-name">DocumentURI</span>="<span class="html-attribute-value">http://www.legislation.gov.uk/ukpga/1988/1/schedule/27/paragraph/2/6/b</span>"</span><span class="html-attribute"> <span class="html-attribute-name">IdURI</span>="<span class="html-attribute-value">http://www.legislation.gov.uk/id/ukpga/1988/1/schedule/27/paragraph/2/6/b</span>"</span><span class="html-attribute"> <span class="html-attribute-name">id</span>="<span class="html-attribute-value">schedule-27-paragraph-2-6-b</span>"</span>></span></div><div class="opened"><div class="line"><span class="html-tag"><Pnumber></span><span>b</span><span class="html-tag"></Pnumber></span></div><div class="folder" id="folder68"><div class="line"><span class="folder-button fold"></span><span class="html-tag"><P3para></span></div><div class="opened"><div class="line"><span class="html-tag"><Text></span><span>their holding of that interest is in their capacity as such, and</span><span class="html-tag"></Text></span></div></div><span class="folded hidden">...</span><div class="line"><span class="html-tag"></P3para></span></div></div></div><span class="folded hidden">...</span><div class="line"><span class="html-tag"></P3></span></div></div><div class="folder" id="folder69"><div class="line"><span class="folder-button fold"></span><span class="html-tag"><P3<span class="html-attribute"> <span class="html-attribute-name">DocumentURI</span>="<span class="html-attribute-value">http://www.legislation.gov.uk/ukpga/1988/1/schedule/27/paragraph/2/6/c</span>"</span><span class="html-attribute"> <span class="html-attribute-name">IdURI</span>="<span class="html-attribute-value">http://www.legislation.gov.uk/id/ukpga/1988/1/schedule/27/paragraph/2/6/c</span>"</span><span class="html-attribute"> <span class="html-attribute-name">id</span>="<span class="html-attribute-value">schedule-27-paragraph-2-6-c</span>"</span>></span></div><div class="opened"><div class="line"><span class="html-tag"><Pnumber></span><span>c</span><span class="html-tag"></Pnumber></span></div><div class="folder" id="folder70"><div class="line"><span class="folder-button fold"></span><span class="html-tag"><P3para></span></div><div class="opened"><div class="line"><span class="html-tag"><Text></span><span>at the time of the distribution, the fund is operating equalisation arrangements,</span><span class="html-tag"></Text></span></div></div><span class="folded hidden">...</span><div class="line"><span class="html-tag"></P3para></span></div></div></div><span class="folded hidden">...</span><div class="line"><span class="html-tag"></P3></span></div></div><div class="line"><span class="html-tag"><Text></span><span>the distribution shall not be taken into account for the purposes of paragraph 1(1) above except to the extent that the distribution is properly referable to that part of the period for which the distribution is made during which that interest has been held by the managers of the fund in their capacity as such.</span><span class="html-tag"></Text></span></div></div><span class="folded hidden">...</span><div class="line"><span class="html-tag"></P2para></span></div></div></div><span class="folded hidden">...</span><div class="line"><span class="html-tag"></P2></span></div></div><div class="folder" id="folder71"><div class="line"><span class="folder-button fold"></span><span class="html-tag"><P2<span class="html-attribute"> <span class="html-attribute-name">DocumentURI</span>="<span class="html-attribute-value">http://www.legislation.gov.uk/ukpga/1988/1/schedule/27/paragraph/2/7</span>"</span><span class="html-attribute"> <span class="html-attribute-name">IdURI</span>="<span class="html-attribute-value">http://www.legislation.gov.uk/id/ukpga/1988/1/schedule/27/paragraph/2/7</span>"</span><span class="html-attribute"> <span class="html-attribute-name">id</span>="<span class="html-attribute-value">schedule-27-paragraph-2-7</span>"</span>></span></div><div class="opened"><div class="line"><span class="html-tag"><Pnumber></span><span>7</span><span class="html-tag"></Pnumber></span></div><div class="folder" id="folder72"><div class="line"><span class="folder-button fold"></span><span class="html-tag"><P2para></span></div><div class="opened"><div class="line"><span class="html-tag"><Text></span><span>Subsection (2) of section 758 applies for the purposes of this paragraph as it applies for the purposes of that section.</span><span class="html-tag"></Text></span></div></div><span class="folded hidden">...</span><div class="line"><span class="html-tag"></P2para></span></div></div></div><span class="folded hidden">...</span><div class="line"><span class="html-tag"></P2></span></div></div></div><span class="folded hidden">...</span><div class="line"><span class="html-tag"></P1para></span></div></div></div><span class="folded hidden">...</span><div class="line"><span class="html-tag"></P1></span></div></div></div><span class="folded hidden">...</span><div class="line"><span class="html-tag"></P1group></span></div></div></div><span class="folded hidden">...</span><div class="line"><span class="html-tag"></Pblock></span></div></div></div><span class="folded hidden">...</span><div class="line"><span class="html-tag"></Part></span></div></div></div><span class="folded hidden">...</span><div class="line"><span class="html-tag"></ScheduleBody></span></div></div></div><span class="folded hidden">...</span><div class="line"><span class="html-tag"></Schedule></span></div></div></div><span class="folded hidden">...</span><div class="line"><span class="html-tag"></Schedules></span></div></div></div><span class="folded hidden">...</span><div class="line"><span class="html-tag"></Primary></span></div></div><div class="folder" id="folder73"><div class="line"><span class="folder-button fold"></span><span class="html-tag"><Commentaries></span></div><div class="opened"><div class="folder" id="folder74"><div class="line"><span class="folder-button fold"></span><span class="html-tag"><Commentary<span class="html-attribute"> <span class="html-attribute-name">id</span>="<span class="html-attribute-value">c23829271</span>"</span><span class="html-attribute"> <span class="html-attribute-name">Type</span>="<span class="html-attribute-value">F</span>"</span>></span></div><div class="opened"><div class="folder" id="folder75"><div class="line"><span class="folder-button fold"></span><span class="html-tag"><Para></span></div><div class="opened"><div class="folder" id="folder76"><div class="line"><span class="folder-button fold"></span><span class="html-tag"><Text></span></div><div class="opened"><div class="line"><span class="html-tag"><CitationSubRef<span class="html-attribute"> <span class="html-attribute-name">id</span>="<span class="html-attribute-value">c15561</span>"</span><span class="html-attribute"> <span class="html-attribute-name">URI</span>="<span class="html-attribute-value">http://www.legislation.gov.uk/id/ukpga/1988/1/schedule/27</span>"</span><span class="html-attribute"> <span class="html-attribute-name">SectionRef</span>="<span class="html-attribute-value">schedule-27</span>"</span>></span><span>Sch. 27</span><span class="html-tag"></CitationSubRef></span></div><span> repealed (1.12.2009 with effect in accordance with reg. 1(2) of the repealing S.I.) by </span><div class="line"><span class="html-tag"><Citation<span class="html-attribute"> <span class="html-attribute-name">URI</span>="<span class="html-attribute-value">http://www.legislation.gov.uk/id/uksi/2009/3001</span>"</span><span class="html-attribute"> <span class="html-attribute-name">id</span>="<span class="html-attribute-value">c15562</span>"</span><span class="html-attribute"> <span class="html-attribute-name">Class</span>="<span class="html-attribute-value">UnitedKingdomStatutoryInstrument</span>"</span><span class="html-attribute"> <span class="html-attribute-name">Year</span>="<span class="html-attribute-value">2009</span>"</span><span class="html-attribute"> <span class="html-attribute-name">Number</span>="<span class="html-attribute-value">3001</span>"</span><span class="html-attribute"> <span class="html-attribute-name">Title</span>="<span class="html-attribute-value">The Offshore Funds (Tax) Regulations 2009</span>"</span>></span><span>The Offshore Funds (Tax) Regulations 2009 (S.I. 2009/3001)</span><span class="html-tag"></Citation></span></div><span>, </span><div class="line"><span class="html-tag"><CitationSubRef<span class="html-attribute"> <span class="html-attribute-name">id</span>="<span class="html-attribute-value">c15563</span>"</span><span class="html-attribute"> <span class="html-attribute-name">URI</span>="<span class="html-attribute-value">http://www.legislation.gov.uk/id/uksi/2009/3001/regulation/1/1</span>"</span><span class="html-attribute"> <span class="html-attribute-name">CitationRef</span>="<span class="html-attribute-value">c15562</span>"</span><span class="html-attribute"> <span class="html-attribute-name">SectionRef</span>="<span class="html-attribute-value">regulation-1-1</span>"</span>></span><span>regs. 1(1)</span><span class="html-tag"></CitationSubRef></span></div><span>, </span><div class="line"><span class="html-tag"><CitationSubRef<span class="html-attribute"> <span class="html-attribute-name">id</span>="<span class="html-attribute-value">c15564</span>"</span><span class="html-attribute"> <span class="html-attribute-name">URI</span>="<span class="html-attribute-value">http://www.legislation.gov.uk/id/uksi/2009/3001/regulation/13/2/3</span>"</span><span class="html-attribute"> <span class="html-attribute-name">CitationRef</span>="<span class="html-attribute-value">c15562</span>"</span><span class="html-attribute"> <span class="html-attribute-name">SectionRef</span>="<span class="html-attribute-value">regulation-13-2-3</span>"</span>></span><span>13(2)(3)</span><span class="html-tag"></CitationSubRef></span></div><span>, </span><div class="line"><span class="html-tag"><CitationSubRef<span class="html-attribute"> <span class="html-attribute-name">id</span>="<span class="html-attribute-value">c15565</span>"</span><span class="html-attribute"> <span class="html-attribute-name">URI</span>="<span class="html-attribute-value">http://www.legislation.gov.uk/id/uksi/2009/3001/schedule/2</span>"</span><span class="html-attribute"> <span class="html-attribute-name">Operative</span>="<span class="html-attribute-value">true</span>"</span><span class="html-attribute"> <span class="html-attribute-name">CitationRef</span>="<span class="html-attribute-value">c15562</span>"</span><span class="html-attribute"> <span class="html-attribute-name">SectionRef</span>="<span class="html-attribute-value">schedule-2</span>"</span>></span><span>Sch. 2</span><span class="html-tag"></CitationSubRef></span></div><span> (with saving in </span><div class="line"><span class="html-tag"><CitationSubRef<span class="html-attribute"> <span class="html-attribute-name">id</span>="<span class="html-attribute-value">c15566</span>"</span><span class="html-attribute"> <span class="html-attribute-name">URI</span>="<span class="html-attribute-value">http://www.legislation.gov.uk/id/uksi/2009/3001/schedule/1/paragraph/3/4</span>"</span><span class="html-attribute"> <span class="html-attribute-name">CitationRef</span>="<span class="html-attribute-value">c15562</span>"</span><span class="html-attribute"> <span class="html-attribute-name">SectionRef</span>="<span class="html-attribute-value">schedule-1-paragraph-3-4</span>"</span>></span><span>Sch. 1 para. 3(4)</span><span class="html-tag"></CitationSubRef></span></div><span>) (subject, as saved, to modification by </span><div class="line"><span class="html-tag"><Citation<span class="html-attribute"> <span class="html-attribute-name">URI</span>="<span class="html-attribute-value">http://www.legislation.gov.uk/id/ukpga/2010/8</span>"</span><span class="html-attribute"> <span class="html-attribute-name">id</span>="<span class="html-attribute-value">c15567</span>"</span><span class="html-attribute"> <span class="html-attribute-name">Year</span>="<span class="html-attribute-value">2010</span>"</span><span class="html-attribute"> <span class="html-attribute-name">Class</span>="<span class="html-attribute-value">UnitedKingdomPublicGeneralAct</span>"</span><span class="html-attribute"> <span class="html-attribute-name">Number</span>="<span class="html-attribute-value">8</span>"</span><span class="html-attribute"> <span class="html-attribute-name">Title</span>="<span class="html-attribute-value">Taxation (International and Other Provisions) Act 2010</span>"</span>></span><span>Taxation (International and Other Provisions) Act 2010 (c. 8)</span><span class="html-tag"></Citation></span></div><span>, </span><div class="line"><span class="html-tag"><CitationSubRef<span class="html-attribute"> <span class="html-attribute-name">id</span>="<span class="html-attribute-value">c15568</span>"</span><span class="html-attribute"> <span class="html-attribute-name">URI</span>="<span class="html-attribute-value">http://www.legislation.gov.uk/id/ukpga/2010/8/section/381/1</span>"</span><span class="html-attribute"> <span class="html-attribute-name">CitationRef</span>="<span class="html-attribute-value">c15567</span>"</span><span class="html-attribute"> <span class="html-attribute-name">SectionRef</span>="<span class="html-attribute-value">section-381-1</span>"</span>></span><span>s. 381(1)</span><span class="html-tag"></CitationSubRef></span></div><span>, </span><div class="line"><span class="html-tag"><CitationSubRef<span class="html-attribute"> <span class="html-attribute-name">id</span>="<span class="html-attribute-value">c15569</span>"</span><span class="html-attribute"> <span class="html-attribute-name">URI</span>="<span class="html-attribute-value">http://www.legislation.gov.uk/id/ukpga/2010/8/schedule/9/paragraph/24</span>"</span><span class="html-attribute"> <span class="html-attribute-name">Operative</span>="<span class="html-attribute-value">true</span>"</span><span class="html-attribute"> <span class="html-attribute-name">CitationRef</span>="<span class="html-attribute-value">c15567</span>"</span><span class="html-attribute"> <span class="html-attribute-name">SectionRef</span>="<span class="html-attribute-value">schedule-9-paragraph-24</span>"</span>></span><span>Sch. 9 para. 24</span><span class="html-tag"></CitationSubRef></span></div><span>)</span></div><span class="folded hidden">...</span><div class="line"><span class="html-tag"></Text></span></div></div></div><span class="folded hidden">...</span><div class="line"><span class="html-tag"></Para></span></div></div></div><span class="folded hidden">...</span><div class="line"><span class="html-tag"></Commentary></span></div></div></div><span class="folded hidden">...</span><div class="line"><span class="html-tag"></Commentaries></span></div></div></div><span class="folded hidden">...</span><div class="line"><span class="html-tag"></Legislation></span></div></div></div></body></html>