Words in Sch. 1 para. 3(1) inserted (with effect in accordance with reg. 1(2) of the amending S.I.) by The Offshore Funds (Tax) (Amendment) Regulations 2009 (S.I. 2009/3139), regs. 1(1), 5(3)(a)

Sch. 1 para. 3(2)-(3ZA) substituted for Sch. 1 para. 3(2)(3) (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), 42(2)

Sch. 1 para. 3(3A)(3B) inserted (with effect in accordance with reg. 1(2) of the amending S.I.) by The Offshore Funds (Tax) (Amendment) Regulations 2009 (S.I. 2009/3139), regs. 1(1), 5(3)(b)

Words in Sch. 1 para. 3(3B) 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), 42(3)

http://www.legislation.gov.uk/uksi/2009/3001/schedule/1/paragraph/3The Offshore Funds (Tax) Regulations 2009texttext/xmlenINCOME TAXCORPORATION TAXCAPITAL GAINS TAXStatute Law Database2024-05-21Expert Participation2024-02-22Sections 41 and 42 of the Finance Act 2008 (c. 9), (which have since been amended and supplemented by provisions contained in Part 1 of Schedule 22 to the Finance Act 2009 (c. 10)), make provision for the tax treatment of participants in offshore funds. Section 41(1) of the Finance Act 2008 provides that the Treasury may by regulations make provision about the treatment of participants in an offshore fund for the purposes of enactments relating to income tax, capital gains tax or corporation tax; and section 42(3) of the Finance Act 2008 (as amended) envisages that the previous legislation relating to offshore funds (to be found in Chapter 5 of Part 17 to the Income and Corporation Taxes Act 1988 (c. 1)) may be repealed. These Regulations make provision accordingly.The Offshore Funds (Tax) Regulations 2009SCHEDULE 1Transitional Provisions and Savings3.(1)

This paragraph applies in the case of an existing fund and umbrella arrangements but is subject to paragraph (3B).

(2)

The fund or any person within paragraph 18(1) of Schedule 27 to ICTA may apply in writing to HMRC for the fund to be treated as a distributing fund in respect of the overlap period or any earlier period of account.

(3)

If the fund or any person within paragraph 18(1) of Schedule 27 to ICTA has made a successful application under sub-paragraph (2), the fund or that person may apply in writing to HMRC for the fund to be continued to be treated as a distributing fund in respect of the succeeding period.

(3ZA)

But no application may be made under paragraph (3) if HMRC have accepted an application for Part 3 to apply to the fund.

(3A)

Where an existing fund is part of umbrella arrangements (within the meaning of section 40C of FA 2008) or is part of arrangements comprising more than one class of interest (within the meaning of section 40D of FA 2008), separate arrangements under the umbrella arrangements, and each class of interest under the main arrangements, established on or after 1st December 2009, may apply in writing to HMRC to be treated as a distributing fund in respect of a period of account if—

(a)

that period has the same accounting reference date as the overlap period or succeeding period of the existing fund, and

(b)

the existing fund is treated as a distributing fund in respect of the contemporaneous overlap period or succeeding period.

(3B)

This paragraph does not apply in respect of any period of account which ends after 31st May 2012.

(4)

The repeal by these Regulations of the enactments specified in Schedule 2 does not affect the continued operation of those provisions for the purposes of this paragraph.

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Words in Sch. 1 para. 3(1) inserted (with effect in accordance with reg. 1(2) of the amending S.I.) by
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Sch. 1 para. 3(2)-(3ZA) substituted for Sch. 1 para. 3(2)(3) (with effect in accordance with reg. 1(2) of the amending S.I.) by
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<dc:description>Sections 41 and 42 of the Finance Act 2008 (c. 9), (which have since been amended and supplemented by provisions contained in Part 1 of Schedule 22 to the Finance Act 2009 (c. 10)), make provision for the tax treatment of participants in offshore funds. Section 41(1) of the Finance Act 2008 provides that the Treasury may by regulations make provision about the treatment of participants in an offshore fund for the purposes of enactments relating to income tax, capital gains tax or corporation tax; and section 42(3) of the Finance Act 2008 (as amended) envisages that the previous legislation relating to offshore funds (to be found in Chapter 5 of Part 17 to the Income and Corporation Taxes Act 1988 (c. 1)) may be repealed. These Regulations make provision accordingly.</dc:description>
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This paragraph applies in the case of an existing fund
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and umbrella arrangements but is subject to paragraph (3B)
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<ins class="substitution" ukl:ChangeId="key-d5006bd58d126ffd620e5bd59ce48c0a-1578358900356" ukl:CommentaryRef="key-d5006bd58d126ffd620e5bd59ce48c0a">The fund or any person within paragraph 18(1) of Schedule 27 to </ins>
<abbr class="acronym" title="Income and Corporation Taxes Act">
<ins class="substitution" ukl:ChangeId="key-d5006bd58d126ffd620e5bd59ce48c0a-1578358900356" ukl:CommentaryRef="key-d5006bd58d126ffd620e5bd59ce48c0a">ICTA</ins>
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<abbr title="Her Majesty’s Revenue and Customs">
<ins class="substitution" ukl:ChangeId="key-d5006bd58d126ffd620e5bd59ce48c0a-1578358900356" ukl:CommentaryRef="key-d5006bd58d126ffd620e5bd59ce48c0a">HMRC</ins>
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<p>
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<ins class="substitution" ukl:ChangeId="key-d5006bd58d126ffd620e5bd59ce48c0a-1578358900356" ukl:CommentaryRef="key-d5006bd58d126ffd620e5bd59ce48c0a">HMRC</ins>
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(3A)
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<ins ukl:ChangeId="key-5ec9a72064f2505c525b9d83dabdea62-1578303264039" ukl:CommentaryRef="key-5ec9a72064f2505c525b9d83dabdea62">Where an existing fund is part of umbrella arrangements (within the meaning of section 40C of </ins>
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<p>
<ins ukl:ChangeId="key-5ec9a72064f2505c525b9d83dabdea62-1578303264039" ukl:CommentaryRef="key-5ec9a72064f2505c525b9d83dabdea62">This paragraph does not apply in respect of any period of account which ends after 31st May </ins>
<ins ukl:ChangeId="key-5ec9a72064f2505c525b9d83dabdea62-1578303264039" ukl:CommentaryRef="key-5ec9a72064f2505c525b9d83dabdea62">
<ins class="substitution first last" ukl:ChangeId="M_F_f70110b1-e50c-433c-8d18-42f76fe3ef72-1578359241447" ukl:CommentaryRef="M_F_f70110b1-e50c-433c-8d18-42f76fe3ef72">
<noteRef uk:name="commentary" href="#M_F_f70110b1-e50c-433c-8d18-42f76fe3ef72" class="commentary"/>
2012
</ins>
</ins>
<ins class="last" ukl:ChangeId="key-5ec9a72064f2505c525b9d83dabdea62-1578303264039" ukl:CommentaryRef="key-5ec9a72064f2505c525b9d83dabdea62">.</ins>
</p>
</content>
</subparagraph>
<subparagraph eId="schedule-1-paragraph-3-4">
<num>(4)</num>
<content>
<p>The repeal by these Regulations of the enactments specified in Schedule 2 does not affect the continued operation of those provisions for the purposes of this paragraph.</p>
</content>
</subparagraph>
</paragraph>
</hcontainer>
</hcontainer>
</body>
</act>
</akomaNtoso>