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The Offshore Funds (Tax) (Amendment) Regulations 2009
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- UK Statutory Instruments
- 2009 No. 3139
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EXPLANATORY NOTE
(This note is not part of the Regulations)
These Regulations amend the Offshore Funds (Tax) Regulations 2009 which make provision for the tax treatment of participants in offshore funds. These Regulations have effect from the same days as the Offshore Funds (Tax) Regulations 2009 have effect. Authority for this limited retrospective effect is provided by section 42(5) of the Finance Act 2009.
Regulation 1 deals with citation, commencement and effect. Regulation 2 introduces the amendments.
Regulation 3 amends regulation 54 (form, timing and withdrawal of application) to extend the time allowed to a fund to make an application to become a reporting fund.
Regulation 4 amends regulation 94 (reported income: general provisions) so that the exception from the charge to tax in regulation 17 applies in relation to the excess of the reported income of a fund over the income of the fund attributed to a participant where regulation 30 (rights in certain holdings) applies to the participant’s rights in the fund.
Regulation 5 amends Schedule 1 (transitional provisions and savings). The amendment to paragraph 3 permits new funds launched on or after 1st December 2009 which are under the same umbrella arrangements as existing distributing funds or part of arrangements comprising more than one class of interest and with the same accounting dates to apply for the same treatment as a distributing fund as the existing fund. This regulation also inserts three new paragraphs into Schedule 1. New paragraph 3A makes provision for the treatment of income of a reporting fund in relation to an interest in a distributing fund. New paragraph 3B makes provision for the treatment of income of a distributing fund in relation to an interest in a reporting fund. New paragraph 3C makes provision in relation to an exchange of an interest in a distributing fund for an interest in a reporting fund.
A full Impact Assessment has not been produced for this instrument as no impact on the private or voluntary sectors is foreseen.
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