Offshore funds that are unit trust schemes

4.  In section 99B(1) (calculation of the disposal cost of accumulation units), at the end insert—

“(4) Subsection (1) does not apply to disposals in units of an offshore fund that is a transparent fund within the meaning given by regulation 11 of the Offshore Funds (Tax) Regulations 2009 (see instead section 103D).”

(1)

Section 99B was inserted by section 21 of the Finance (No. 2) Act 2005 (c. 22) and amended by S.I. 2006/964.