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The Offshore Funds (Tax) Regulations 2009
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Point in time view as at 28/06/2013.
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There are currently no known outstanding effects for the The Offshore Funds (Tax) Regulations 2009, Section 104.
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Interests not within regulation 103U.K.
This section has no associated Explanatory Memorandum
104.—(1) Regulation 103 does not apply in respect of an interest in a reporting fund if—
(a)conditions A and B are met, or
(b)condition C is met.
(2) Condition A is that the interest forms part of the financial trader's stock in trade and all the profits and losses, including distributions, arising in respect of the interest are included in the computation of the financial trader's trading profits for the relevant period.
(3) Condition B is that the interest is accounted for under generally accepted accounting practice on the basis of fair value accounting.
(4) Condition C is that the interest is a relevant holding in respect of which the provisions of section 490 of CTA 2009 (holdings in OEICs, unit trusts and offshore funds treated as creditor relationship rights) apply in relation to the financial trader.
(5) In paragraph (4) a “relevant holding” means—
(a)any rights under a unit trust scheme,
(b)[F1an interest] in an offshore fund, or
(c)any shares in an open-ended investment company.
Textual Amendments
F1Words in reg. 104(5)(b) substituted (28.6.2013) by The Offshore Funds (Tax) (Amendment No. 2) Regulations 2013 (S.I. 2013/1411), regs. 1(1), 14(b) (with reg. 1(3)(4))
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