Income and Corporation Taxes Act 1988 (c. 1)

SCHEDULES

SCHEDULE 28 U.K. COMPUTATION OF OFFSHORE INCOME GAINS M1

Modifications etc. (not altering text)

C1 Sch. 28 applied (with modifications) (22.10.2004 with effect in accordance with reg. 1(2) of the affecting S.I.) by The Offshore Funds Regulations 2004 (S.I. 2004/2572), regs. 1(1), 5

Marginal Citations

M1 Source—[1984 Sch.20.]

PART I U.K. DISPOSALS OF INTERESTS IN NON-QUALIFYING FUNDS

The offshore income gain U.K.

5 (1) Subject to sub-paragraph (2) below, a material disposal gives rise to an offshore income gain of an amount equal to the unindexed gain on that disposal.

(2) In any case where—

(a) paragraph 4 above applies, and

(b) the post-1983 gain on the material disposal is less than the unindexed gain on the disposal,

the offshore income gain to which the disposal gives rise is an amount equal to the post-1983 gain.