Version Superseded: 01/01/2018
Point in time view as at 26/05/2015. This version of this provision has been superseded.
Taxation of Chargeable Gains Act 1992, Section 103A is up to date with all changes known to be in force on or before 07 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
(1)This Act applies in relation to a relevant offshore fund as if—
(a)the fund were a company, and
(b)the rights of the participants in the fund were shares in the company.
(2)An offshore fund is a relevant offshore fund if—
(a)it is not constituted by a company [F2or by two or more persons carrying on a trade or business in partnership], and
(b)it is not a unit trust scheme (see section 99).
[F3(3)In this section and [F4section 103B, “participant”, in relation to an offshore fund which is not a collective investment scheme, has the meaning given in section 362(1) of TIOPA 2010.]]]
Textual Amendments
F1S. 103A inserted (with effect in accordance with Sch. 22 para. 12 of the amending Act) by Finance Act 2009 (c. 10), Sch. 22 para. 8; S.I. 2010/670, art. 2
F2Words in s. 103A(2)(a) inserted (with effect in accordance with reg. 1(2) of the amending S.I.) by The Offshore Funds (Tax) (Amendment) Regulations 2011 (S.I. 2011/1211), regs. 1(1), 44(2)(a)
F3S. 103A(3) substituted (with effect in accordance with reg. 1(2) of the amending S.I.) by The Offshore Funds (Tax) (Amendment) Regulations 2011 (S.I. 2011/1211), regs. 1(1), 44(2)(b)
F4Words in s. 103A(3) substituted (8.6.2013) by The Collective Investment Schemes (Tax Transparent Funds, Exchanges, Mergers and Schemes of Reconstruction) Regulations 2013 (S.I. 2013/1400), regs. 1(1), 10 (with reg. 1(2))
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