Finance Act 2009 (c. 10)

SCHEDULES

SCHEDULE 22 U.K. Offshore funds

Part 2 U.K. Application of TCGA 1992 to offshore funds

TCGA 1992 U.K.

8 U.K. In Chapter 3 of Part 3 (collective investment schemes), insert at the end—

“103A Application of Act to certain offshore funds

(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, and

(b) it is not a unit trust scheme (see section 99).

(3) In this section “offshore fund” and “participant”, in relation to a fund, have the meanings given in section 40A of the Finance Act 2008.”

Modifications etc. (not altering text)

C1 Sch. 22 para. 8 having effect as specified (1.4.2010) by Finance Act 2009, Paragraph 12(2)(b) of Schedule 22 (Appointed Day) Order 2010 (S.I. 2010/670), art. 2