The Offshore Funds (Tax) Regulations 2009

[^c19952201]: Section 165 was amended by paragraph 1(1) of Schedule 7 to the Finance Act 1993 (c. 34), section 140(4) of, and Part 3(31) of Schedule 27 to, the Finance Act 1998 (c. 36), section 90(1), (3) and (4) of the Finance Act 2000 (c. 17), paragraph 3 of Schedule 21 to the Finance Act 2004 (c. 12) and paragraph 33 of Schedule 2 to the Finance Act 2008 (c. 9). Section 260 was amended by section 72(6) of, and paragraph 4(2) of Schedule 13 to, the Finance Act 1995 (c. 4), Parts 3(31) and 4 of Schedule 27 to the Finance Act 1998, section 90(2) of the Finance Act 2000, paragraph 5 of Schedule 21 to the Finance Act 2004 and paragraph 32 of Schedule 20 to the Finance Act 2006 (c. 25).

[^c19952211]: Section 16 was amended by section 113(1) of the Finance Act 1995, paragraph 7 of Schedule 4 to the Finance (No. 2) Act 2005 (c. 22), paragraph 298 of Schedule 1 to the Income Tax Act 2007 (c. 3) and paragraph 61 of Schedule 7 to the Finance Act 2008.

[^c19952221]: Section 759 is repealed by these Regulations (see regulation 13(2) and Schedule 2) subject to the saving contained in paragraph 3(4) of Schedule 1 (see regulation 13(3) of these Regulations).

[^c19952231]: Section 104 was amended by sections 123(1) to (4) and 125(3) of the Finance Act 1998, paragraph 17 of Schedule 12 to the Finance Act 2006 (c. 25) and paragraph 85 of Schedule 2 to the Finance Act 2008.

[^c19952241]: 1998 c. 36.

[^c19952251]: S.I. 2006/964, to which there are amendments not relevant to these Regulations.

[^c19952261]: Section 40A was inserted by paragraph 2 of Schedule 22 to the Finance Act 2009 (c. 10).

[^c19952291]: Section 839 was amended by paragraph 20 of Schedule 17 to the Finance Act 1995 (c. 4), paragraph 25 of Schedule 13 to the Finance Act 2006 (c. 25), paragraph 223 of Schedule 1 to the Income Tax Act 2007 (c. 3) and by S.I. 1988/745 and 2005/3229.

[^c19952321]: Section 40A was inserted by paragraph 2 of Schedule 22 to the Finance Act 2009 (c. 10).

[^c19952331]: Section 378A was inserted by section 39(3) of the Finance Act 2009.

[^c19952341]: Section 397A was inserted by paragraph 4 of Schedule 12 to the Finance Act 2008 (c. 9) and amended by paragraph 2 of Schedule 19 to the Finance Act 2009.

[^c19952351]: Section 688(1) was amended by paragraph 22 of Schedule 12 to the Finance Act 2008.

[^c19952361]: Section 830 was amended by paragraphs 51, 96, 156 and 162 of Schedule 7 to the Finance Act 2008.

[^c19952391]: 1998 c. 36.

[^c19952401]: Section 506 was amended by section 55(2) of the Finance Act 2006 (c. 25) and paragraph 95 of Schedule 1 to the Income Tax Act 2007 (c. 3).

[^c19952411]: Section 840ZA was inserted by paragraph 225 of Schedule 1 to the Income Tax Act 2007 (c. 3).

[^c19952421]: 1984 c. 51. By virtue of section 100(1) and (2) of the Finance Act 1986 (c. 41), on and after 25th July 1986 the Capital Transfer Tax Act 1984 may be cited as the Inheritance Tax Act 1984, and any reference in that Act to capital transfer tax is to have effect as a reference to inheritance tax except where the reference relates to a liability to tax arising before 25th July 1986. Section 174(1)(a) was amended by paragraph 32 of Schedule 29 to the Income and Corporation Taxes Act 1988 (c. 1).

[^c19952431]: Section 396(2) was substituted by paragraph 112(3) of Schedule 1 to the Corporation Tax Act 2009 (c. 4).

[^c19952441]: Section 505(3) was substituted by section 55(1) of the Finance Act 2006 (c. 25).

[^c19952451]: Section 587B was inserted by section 43(1) of the Finance Act 2000 (c. 17) and the definition of “offshore fund” in subsection (9) was substituted by paragraph 10 of Schedule 26 to the Finance Act 2004 (c. 12).

[^c19952461]: Section 834A was inserted by paragraph 274 of Schedule 1 to the Corporation Tax Act 2009.

[^c19952471]: Section 842(3A) was inserted by section 57(3) of the Finance Act 2007 (c. 11).

[^c19952481]: In section 212, subsections (5) to (7) were amended by section 91(2)(b) and (3) of the Finance Act 1993 (c. 34), section 134(6) and (7) of the Finance Act 1995 (c. 4), Part 3(12) of Schedule 43 to the Finance Act 2003 (c. 14) and paragraph 11 of Schedule 26 to the Finance Act 2004 (c. 12).

[^c19952491]: Schedule 7AD was inserted by Schedule 31 to the Finance Act 2002 (c. 23).

[^c19952501]: Section 378A was inserted by section 39(3) of the Finance Act 2009 (c. 10). Section 126(3) of that Act amends the table of abbreviations in Part 1 of Schedule 4 to the Income Tax (Trading and Other Income) Act 2005 (c. 5) so that (among other matters) “the Finance Act 2008” may be abbreviated to “FA 2008”.

[^c19952511]: Section 830(4)(aa) was inserted by paragraph 96 of Schedule 7 to the Finance Act 2008 (c. 9).

[^c19952521]: Section 152(8) was amended by section 57(5) of the Finance Act 2007 (c. 11).

[^c19952531]: Section 734(5) was inserted by paragraph 97 of Schedule 7 to the Finance Act 2008 (c. 9).

[^c19952541]: Section 756A was inserted by paragraph 3 of Schedule 26 to the Finance Act 2004 (c. 12) and amended by section 57(2) of the Finance Act 2007 (c. 11). Section 756A is repealed by these Regulations (see regulation 13(2) and Schedule 2) subject to the saving contained in paragraph 3(4) of this Schedule (see regulation 13(3)).

[^c19952551]: 1998 c. 36.

[^key-a7db7755eec5bbac381edd350d11062c]: Sch. 1 paras. 3A-3C 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(4)

[^key-9f58f00ea178cb9ffd086415cd26be48]: Reg. 94(2A) 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), 4

[^key-a10ebe4cb8d6a3b35ac07b110d8d7f4e]: Words in Sch. 1 para. 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(2)

[^key-5ec9a72064f2505c525b9d83dabdea62]: 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)

[^key-306ceb77d32216d8a5a678326fa76ee4]: 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)

[^key-aaa0d472c9d7ea6eb5e7b7bf2c984462]: Reg. 31 excluded (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 492(2)(3)(b), 1184(1) (with Sch. 2)

[^key-b41c1987844bd90fa2722b7fef471fa9]: Pt. 3 Ch. 2A inserted (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), 8

[^key-a4663699366052dd724eb0195138d783]: Pt. 3 Ch. 6A inserted (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), 24

[^key-6885667e4b4df87e7cbf19fb4d3be6b1]: Regs. 31A-31C inserted (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), 19

[^key-a805d701f8750a470b3023c0a7185d53]: Reg. 50A inserted (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), 5

[^key-5fa07fe9c61de62aef5d2855066d559c]: Reg. 68A inserted (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), 35

[^key-37fc771b4cf720144e9b8c389a68b3a0]: Reg. 92D inserted (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), 26

[^key-37c516b5ece6e6ff441b781e5cfbc8a3]: Reg. 94A inserted (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), 12

[^key-fb7153715f21a7121c95d3ec3de71cac]: Words in Sch. 3 Pt. 1 inserted (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), 43(2)

[^key-6d39af819b52c60c7bbe157c2a826434]: Words in Sch. 3 Pt. 2 inserted (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), 43(3)(b)

[^key-b50978814a117de74a2887d02d6169a2]: Words in reg. 4(2) inserted (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), 28(a)

[^key-c667a2a7064fce10a0502384b2d67949]: Words in reg. 4(2) omitted (with effect in accordance with reg. 1(2) of the amending S.I.) by virtue of The Offshore Funds (Tax) (Amendment) Regulations 2011 (S.I. 2011/1211), regs. 1(1), 28(b)

[^key-4bfb01fc1ff6cfef03ade8d9e99e5933]: Words in reg. 16(2) 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), 30

[^key-8cbc4f77add09aaf018d10d72e2be340]: Words in reg. 49 heading inserted (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), 22(2)

[^key-5ece84643c218a3cb79ba468a63d1def]: Reg. 49(3) inserted (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), 22(5)

[^key-6e5b5851cc11e37d8d612de42f88d92c]: Reg. 49(1)(fa) inserted (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), 22(3)

[^key-0012c396146aa3dbff7f2a854f977815]: Word in reg. 49(2)(a) omitted (with effect in accordance with reg. 1(2) of the amending S.I.) by virtue of The Offshore Funds (Tax) (Amendment) Regulations 2011 (S.I. 2011/1211), regs. 1(1), 22(4)(a)

[^key-82ebfb7c4d6ed06adde21391108bcccc]: Reg. 49(2)(aa) inserted (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), 22(4)(b)

[^key-9d8f6b637c2cd39520cca808355e069e]: Reg. 53(1)(h)-(l) inserted (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), 6

[^key-e5b1068976ace201dee2141282f579b0]: Reg. 54(2)(3) 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), 31

[^key-8de4e6b7ba351ff85a988b8dc66a00c0]: Reg. 55(3A) inserted (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), 7(3)

[^key-2b826bc606a8f1862f0e855605fd7da2]: Words in reg. 55(3) inserted (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), 7(2)

[^key-059c70d3f2bd8b21c8648081627d7206]: Reg. 57(4) inserted (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), 32(3)

[^key-132dcfcd093687aedf702cbe67d83d16]: Words in reg. 57(1) inserted (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), 32(2)

[^key-1b198b8f04c9403640a6f3afd0c74e79]: Words in reg. 58(a) inserted (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), 23(2)

[^key-588006b088cc0deab089e8ebf691e955]: Words in reg. 58(b) inserted (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), 23(3)

[^key-1e4a027151aa513e17fc203b391181ed]: Words in reg. 67(2)(a) 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), 33(a)

[^key-9d664acaf3c82c7483b9bda10dc2df6e]: Words in reg. 67(2)(b) inserted (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), 33(b)

[^key-1a3a0178aeb7f64b237636c9a56463b1]: Words in reg. 68(3) 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), 34(2)

[^key-56cb8d5463f6afe2a60fc82bd4f45111]: Reg. 68(4) omitted (with effect in accordance with reg. 1(2) of the amending S.I.) by virtue of The Offshore Funds (Tax) (Amendment) Regulations 2011 (S.I. 2011/1211), regs. 1(1), 34(3)

[^key-4f8326b5c3c517ef6cf6a27402864995]: Words in reg. 68(5) 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), 34(4)

[^key-ef20af1a36f39d7018ce68a51d6829f5]: Reg. 69(5)(6) inserted (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), 36(4)

[^key-f78a4f232042b4efb6865ef4bfe03351]: Reg. 69(2)(a) omitted (with effect in accordance with reg. 1(2) of the amending S.I.) by virtue of The Offshore Funds (Tax) (Amendment) Regulations 2011 (S.I. 2011/1211), regs. 1(1), 36(2)

[^key-664e8cdae0f7bea1b1761c7ddb357dcd]: Words in reg. 69(3) 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), 36(3)

[^key-38f73548b9a90f26196bbed758f469f9]: Reg. 72 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), 9

[^key-1ada7dc672edcaf181af293dfd93bd99]: Reg. 74(4)(5) inserted (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), 37(3)

[^key-dae9ea92b53092706a90e7e9989b7abc]: Words in reg. 74(1) 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), 37(2)

[^key-cd7fc52f9ca21f6c71ad815381c9e2ab]: Reg. 75(5) inserted (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), 38(3)

[^key-ff6dba89df96150b5e92129ac33f45e7]: Words in reg. 75(1) inserted (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), 38(2)

[^key-6464d92602f8753fce1849ebe52138a8]: Word in reg. 90(1) inserted (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), 39(2)(a)

[^key-7308b5ac42d30fe026a6f09d6356fe64]: Word in reg. 90(2)(a)(b) inserted (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), 39(2)(b)

[^key-9e7bb92985f262312808eb536eb109a7]: Word in reg. 90(4) inserted (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), 39(2)(c)

[^key-89d1cce2e4747512c918ed7d4039f1ad]: Words in reg. 90(3) 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), 39(3)

[^key-121251925ddeb69f8f1b2d37d2f7232c]: Reg. 92(3A)(3B) inserted (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), 10(4)

[^key-b6feca5e36a2ced65783052c0ef7d496]: Words in reg. 92 heading inserted (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), 25(2)

[^key-befa62ae5468e50c4c140c0a3448ef72]: Reg. 92(1)(f) inserted (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), 10(2)

[^key-45ad9ef0a51fc36b6ef25190297a3f9e]: Words in reg. 92(1) inserted (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), 25(3)

[^key-d4ca0ded2b9e3714a08363e11909fa48]: Reg. 92(3)(a)-(ba) substituted for reg. 92(3)(a)-(b) (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), 10(3)

[^key-98d1db11ca2f55a38a8b4bb116f85533]: Reg. 94(3A) inserted (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), 40(4)

[^key-69b04ec853c4930522c86e52167462b5]: Words in reg. 94(2A) 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), 40(2)

[^key-2488e11912f495bf9de6bae3629918c2]: Words in reg. 94(3) inserted (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), 40(3)

[^key-9703bb87cb44639f0f6d300951f7c325]: Words in reg. 94(4) 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), 40(5)

[^key-dac83ed98f7f179a9a8b3a3a590e998e]: Reg. 99(2A) inserted (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), 13

[^key-71c471ecc93cf07fe54d74aa79104519]: Reg. 106(3) inserted (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), 41(3)

[^key-0577c434e79194fad7fe43fa7cca125a]: Words in reg. 106(1)(a) omitted (with effect in accordance with reg. 1(2) of the amending S.I.) by virtue of The Offshore Funds (Tax) (Amendment) Regulations 2011 (S.I. 2011/1211), regs. 1(1), 27(a)

[^key-3f25eb08cb511c0442002f1ab2726c54]: Words in reg. 106(1)(a) inserted (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), 41(2)

[^key-a6373264e536f248c05bdbd34abf7072]: Words in reg. 106(1)(b) inserted (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), 27(b)

[^key-5df4078c29e327db7f33cad2eb56469a]: Words in reg. 106(1)(c) inserted (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), 27(c)

[^key-d5006bd58d126ffd620e5bd59ce48c0a]: 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)

[^M_F_f70110b1-e50c-433c-8d18-42f76fe3ef72]: 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)

[^key-222d9b3787200844b7d965146b085965]: Reg. 17 excluded by The Authorised Investment Funds (Tax) Regulations 2006 (S.I. 2006/964), reg. 14ZD(4) (as inserted (1.10.2011) by S.I. 2011/2192, regs. 1(1), 4)

[^key-457384c1eababd565af04e8bd3fd3bd8]: Reg. 80 applied (1.1.2012) by The Investment Trust (Approved Company) (Tax) Regulations 2011 (S.I. 2011/2999), regs. 1(1), 42(4) (with reg. 1(3))

[^key-f63ea2803f454cb0db0c4c74abc39143]: Reg. 18(6) substituted (1.1.2012) by The Investment Trust (Approved Company) (Tax) Regulations 2011 (S.I. 2011/2999), regs. 1(1), 46 (with reg. 1(3))

[^key-07c37fc55accae15caaf86078abe470b]: Reg. 17(3A) inserted (with effect in accordance with reg. 1(2) of the amending S.I.) by The Offshore Funds (Tax) (Amendment) Regulations 2013 (S.I. 2013/661), regs. 1(1), 2(2)

[^key-68c3006478e3adf52a66275dfdd219b0]: Words in reg. 74(2) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 178

[^key-8c94b3613684be6f6afd7b9a67b2c3d3]: Word in reg. 20(1) substituted (6.4.2013) by The Income Tax (Removal of Ordinary Residence) Regulations 2013 (S.I. 2013/605), regs. 1, 7(2) (with reg. 2(a))

[^key-c73fec476946227130a97781d41bc8e6]: Words in reg. 21(3) omitted (6.4.2013) by virtue of The Income Tax (Removal of Ordinary Residence) Regulations 2013 (S.I. 2013/605), regs. 1, 7(3) (with reg. 2(a))

[^key-9033f0308e0b55e2ff4db18b48f8a934]: Words in reg. 21(5)(a) omitted (6.4.2013) by virtue of The Income Tax (Removal of Ordinary Residence) Regulations 2013 (S.I. 2013/605), regs. 1, 7(3) (with reg. 2(a))

[^key-7ce207bc2c23dc7d33f0eb87ed4379fd]: Words in reg. 24(7) omitted (6.4.2013) by virtue of The Income Tax (Removal of Ordinary Residence) Regulations 2013 (S.I. 2013/605), regs. 1, 7(4) (with reg. 2(a))

[^key-6cc22fd932b7d33a2df57fd37e5f2685]: Reg. 36A substituted for regs. 35, 36 (8.6.2013) by The Collective Investment Schemes (Tax Transparent Funds, Exchanges, Mergers and Schemes of Reconstruction) Regulations 2013 (S.I. 2013/1400), regs. 1(1), 15(a) (with reg. 1(2))

[^key-776e18df5fdac5abc16fdc4f95da5c77]: Regs. 72A-72C and cross-heading inserted (28.6.2013) by The Offshore Funds (Tax) (Amendment No. 2) Regulations 2013 (S.I. 2013/1411), regs. 1(1), 6 (with reg. 1(3)(4))

[^key-35ddaf5dd48f846fc915ceb1e0b28162]: Words in Sch. 3 Pt. 2 substituted (28.6.2013) by The Offshore Funds (Tax) (Amendment No. 2) Regulations 2013 (S.I. 2013/1411), regs. 1(1), 12 (with reg. 1(3)(4))

[^key-d98bf82e9f8ebab31fd340c24bae8033]: Words in reg. 53(1)(k)(i) substituted (28.6.2013) by The Offshore Funds (Tax) (Amendment No. 2) Regulations 2013 (S.I. 2013/1411), regs. 1(1), 3(a) (with reg. 1(3)(4))

[^key-34060003b2b8e058dcb9acd2853b7755]: Words in reg. 53(1)(k)(i) substituted (28.6.2013) by The Offshore Funds (Tax) (Amendment No. 2) Regulations 2013 (S.I. 2013/1411), regs. 1(1), 3(b) (with reg. 1(3)(4))

[^key-9243442b9c47b674590f221529c8b9be]: Words in reg. 53(1)(k)(i) substituted (28.6.2013) by The Offshore Funds (Tax) (Amendment No. 2) Regulations 2013 (S.I. 2013/1411), regs. 1(1), 3(c) (with reg. 1(3)(4))

[^key-c1e520ac4c737b4a367187ab1af47296]: Words in reg. 53(1)(l)(ii) substituted (28.6.2013) by The Offshore Funds (Tax) (Amendment No. 2) Regulations 2013 (S.I. 2013/1411), regs. 1(1), 3(a) (with reg. 1(3)(4))

[^key-6d09a12cd2cd8efa0f70b369faeb2a88]: Words in reg. 53(1)(k)(ii) substituted (28.6.2013) by The Offshore Funds (Tax) (Amendment No. 2) Regulations 2013 (S.I. 2013/1411), regs. 1(1), 3(d) (with reg. 1(3)(4))

[^key-4ddad98123a6be6aa4a8875d52e7d543]: Words in reg. 53(1)(l)(iii) substituted (28.6.2013) by The Offshore Funds (Tax) (Amendment No. 2) Regulations 2013 (S.I. 2013/1411), regs. 1(1), 3(e) (with reg. 1(3)(4))

[^key-724af9ee33fc6577368e4c8de7da07e5]: Words in reg. 55(3A) substituted (28.6.2013) by The Offshore Funds (Tax) (Amendment No. 2) Regulations 2013 (S.I. 2013/1411), regs. 1(1), 4 (with reg. 1(3)(4))

[^key-fb6df8b25683333049116000eaab1ebc]: Reg. 63(2)(c) substituted (28.6.2013) by The Offshore Funds (Tax) (Amendment No. 2) Regulations 2013 (S.I. 2013/1411), regs. 1(1), 5 (with reg. 1(3)(4))

[^key-3472f79f5bc076b110051d534229c5d2]: Reg. 92(3)(a) substituted (28.6.2013) by The Offshore Funds (Tax) (Amendment No. 2) Regulations 2013 (S.I. 2013/1411), regs. 1(1), 7(b) (with reg. 1(3)(4))

[^key-de8a4819a4a3c98d78e7d03b52f81e6f]: Reg. 92(1)(b) substituted (28.6.2013) by The Offshore Funds (Tax) (Amendment No. 2) Regulations 2013 (S.I. 2013/1411), regs. 1(1), 7(a)(i) (with reg. 1(3)(4))

[^key-d2b84ea576ce8a10a87c3de8130e8927]: Reg. 92A omitted (28.6.2013) by virtue of The Offshore Funds (Tax) (Amendment No. 2) Regulations 2013 (S.I. 2013/1411), regs. 1(1), 8 (with reg. 1(3)(4))

[^key-a9f70c11ae19c8006d26d80657f06628]: Reg. 92B omitted (28.6.2013) by virtue of The Offshore Funds (Tax) (Amendment No. 2) Regulations 2013 (S.I. 2013/1411), regs. 1(1), 8 (with reg. 1(3)(4))

[^key-17e79f938c6a8fc10cfb4586ff0f666b]: Reg. 92C omitted (28.6.2013) by virtue of The Offshore Funds (Tax) (Amendment No. 2) Regulations 2013 (S.I. 2013/1411), regs. 1(1), 8 (with reg. 1(3)(4))

[^key-85ce709889bac8a64063f7800f38b2fd]: Reg. 94A(2) substituted (28.6.2013) by The Offshore Funds (Tax) (Amendment No. 2) Regulations 2013 (S.I. 2013/1411), regs. 1(1), 9 (with reg. 1(3)(4))

[^key-d732533cbf7219aa3ca5b6aa559caf6f]: Words in reg. 99(2A) substituted (28.6.2013) by The Offshore Funds (Tax) (Amendment No. 2) Regulations 2013 (S.I. 2013/1411), regs. 1(1), 10 (with reg. 1(3)(4))

[^key-71437ca51dc807c132794baf80033b83]: Words in reg. 106(3)(a) substituted (28.6.2013) by The Offshore Funds (Tax) (Amendment No. 2) Regulations 2013 (S.I. 2013/1411), regs. 1(1), 11 (with reg. 1(3)(4))

[^M_F_0563c238-a19a-4d85-d347-d3ea41f3bda6]: Words 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))

[^key-74d5f44d61e576a3c48cbea2f6b02f1c]: Word in reg. 74(2) omitted (22.7.2013) by virtue of The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), reg. 1, Sch. 2 para. 20

[^key-72f227c1743a5e2143ff6e5e43a7bd2e]: Pt. 3A inserted (with effect in accordance with reg. 1(2) of the amending S.I.) by The Offshore Funds (Tax) (Amendment No. 3) Regulations 2013 (S.I. 2013/1770), regs. 1(1), 2(3)

[^key-e0e3df471fdb48cf1746d17bf4a2f31a]: Words in reg. 2 inserted (with effect in accordance with reg. 1(2) of the amending S.I.) by The Offshore Funds (Tax) (Amendment No. 3) Regulations 2013 (S.I. 2013/1770), regs. 1(1), 2(2)

[^key-e4c96cb4003555cbb9ff1ff8303c94fd]: Reg. 23, 23A substituted for reg. 23 (with effect in accordance with reg. 2(b) of the amending S.I.) by The Temporary Non-Residence (Miscellaneous Amendments) Regulations 2013 (S.I. 2013/1810), regs. 1, 4(2)

[^key-bb7f668087ea270faf88d0b474199c55]: Reg. 80 applied (6.4.2014) by The Unauthorised Unit Trusts (Tax) Regulations 2013 (S.I. 2013/2819), regs. 1(3), 22(8)

[^key-759cd436ef9d7e571792d67a544d5d54]: Reg. 18(6)(c) and preceding word inserted (6.4.2014) by The Unauthorised Unit Trusts (Tax) Regulations 2013 (S.I. 2013/2819), regs. 1(3), 43(b) (with reg. 32)

[^key-0fecd0bd8fd684fb1b0186e331d3195d]: Word in reg. 18(6)(a) omitted (6.4.2014) by virtue of The Unauthorised Unit Trusts (Tax) Regulations 2013 (S.I. 2013/2819), regs. 1(3), 43(a) (with reg. 32)

[^key-07f6da58796ddea122010b70be30cf79]: Regs. 81-89 omitted (with effect in accordance with reg. 1(2) of the amending S.I.) by virtue of The Investment Transactions (Tax) Regulations 2014 (S.I. 2014/685), regs. 1(1), 8(3)

[^key-94898589a1b11a1ed8eea542979ef4d1]: Words in Sch. 3 Pt. 2 omitted (with effect in accordance with reg. 1(2) of the amending S.I.) by virtue of The Investment Transactions (Tax) Regulations 2014 (S.I. 2014/685), regs. 1(1), 8(4)

[^key-cc3d56ba20d583803910d8ab186d278a]: Reg. 80(3) inserted (with effect in accordance with reg. 1(2) of the amending S.I.) by The Investment Transactions (Tax) Regulations 2014 (S.I. 2014/685), regs. 1(1), 8(2)

[^key-2d052c4bfdf7d9ecd7a938f3da2ba1a0]: Reg. 17(4A)(4B) inserted (with effect in accordance with reg. 1(2) of the amending S.I.) by The Offshore Funds (Tax) (Amendment) Regulations 2014 (S.I. 2014/1931), regs. 1(1), 2(2)

[^key-07e8861a9d6d71d949724b457e7f397d]: Reg. 48(5A) inserted (with effect in accordance with reg. 1(2) of the amending S.I.) by The Offshore Funds (Tax) (Amendment) Regulations 2014 (S.I. 2014/1931), regs. 1(1), 2(3)(b)

[^key-4f113c21f9bb1f3172b0d116f788889b]: Words in reg. 48(2) substituted (with effect in accordance with reg. 1(2) of the amending S.I.) by The Offshore Funds (Tax) (Amendment) Regulations 2014 (S.I. 2014/1931), regs. 1(1), 2(3)(a)

[^key-97a0f5bcb12d188a15b8f2b3b38860bb]: Words in reg. 64 cross-heading inserted (with effect in accordance with reg. 1(2) of the amending S.I.) by The Offshore Funds (Tax) (Amendment) Regulations 2017 (S.I. 2017/240), regs. 1(1), 2(2)(b)

[^key-4810ff4b63676a2622efb128432283c3]: Words in reg. 65 heading inserted (with effect in accordance with reg. 1(2) of the amending S.I.) by The Offshore Funds (Tax) (Amendment) Regulations 2017 (S.I. 2017/240), regs. 1(1), 2(2)(c)

[^key-ddf4ba290f4bbded722a2ce1a33171d9]: Words in reg. 63(2)(a) inserted (with effect in accordance with reg. 1(2) of the amending S.I.) by The Offshore Funds (Tax) (Amendment) Regulations 2017 (S.I. 2017/240), regs. 1(1), 2(2)(a)

[^key-65c034f0cbf5c823971be5399c5e088f]: Reg. 65(2)(c) and preceding word inserted (with effect in accordance with reg. 1(2) of the amending S.I.) by The Offshore Funds (Tax) (Amendment) Regulations 2017 (S.I. 2017/240), regs. 1(1), 2(3)(b)

[^key-710f32869240a3dc13e3958fc96fee19]: Word in reg. 65(2)(a) omitted (with effect in accordance with reg. 1(2) of the amending S.I.) by virtue of The Offshore Funds (Tax) (Amendment) Regulations 2017 (S.I. 2017/240), regs. 1(1), 2(3)(a)

[^key-8959821aec329afe4f4854870fe7fdaa]: Reg. 99(7) inserted (with effect in accordance with reg. 1(2) of the amending S.I.) by The Collective Investment Schemes and Offshore Funds (Amendment of the Taxation of Chargeable Gains Act 1992) Regulations 2017 (S.I. 2017/1204), regs. 1(1), 16(a)

[^key-caba60415be2ca27f99225888569625e]: Words in reg. 99(1) substituted (with effect in accordance with reg. 1(2) of the amending S.I.) by The Collective Investment Schemes and Offshore Funds (Amendment of the Taxation of Chargeable Gains Act 1992) Regulations 2017 (S.I. 2017/1204), regs. 1(1), 16(a)

[^key-5f498c1a0625b818a19fcf47ddb8d187]: Regulations applied (with modifications) by Taxation of Chargeable Gains Act 1992 (c. 12), Sch. 5AAA para. 13(3) (as inserted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 21)

[^key-0f6da4ef27cea3acd3ede358729bc60a]: Regulations applied (with modifications) by Taxation of Chargeable Gains Act 1992 (c. 12), Sch. 5AAA para. 46(4) (as inserted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 21)

[^key-2cb38ea0df72472197d9c1ba2d8a50b1]: Regulations applied (with modifications) by Taxation of Chargeable Gains Act 1992 (c. 12), Sch. 5AAA para. 7(5) (as inserted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 21)

[^M_F_297111ff-9faa-420b-d345-bf755f56dcbf]: Reg. 47(1)(aa) substituted for reg. 47(1)(a)(b) (8.6.2013) by The Collective Investment Schemes (Tax Transparent Funds, Exchanges, Mergers and Schemes of Reconstruction) Regulations 2013 (S.I. 2013/1400), regs. 1(1), 15(c) (with reg. 1(2))

[^M_F_71884bb3-e328-43f4-a7de-9bb01aaaf73d]: Reg. 39(3)(aa) substituted for reg. 39(3)(b)(c) (8.6.2013) by The Collective Investment Schemes (Tax Transparent Funds, Exchanges, Mergers and Schemes of Reconstruction) Regulations 2013 (S.I. 2013/1400), regs. 1(1), 15(b) (with reg. 1(2))

[^key-6979eb5cd06e3d9b19387d181b1c4ec5]: Words in reg. 12 substituted (31.12.2020) by The Taxes (Amendments) (EU Exit) Regulations 2019 (S.I. 2019/689), regs. 1, 30(2)(a) (with regs. 39-41); 2020 c. 1, Sch. 5 para. 1(1)

[^key-c0516e154b35c7b8be88e8be23b686aa]: Words in reg. 12 substituted (31.12.2020) by The Taxes (Amendments) (EU Exit) Regulations 2019 (S.I. 2019/689), regs. 1, 30(2)(b) (with regs. 39-41); 2020 c. 1, Sch. 5 para. 1(1)

[^key-254c2813e1e22f45ef19bfb7af09e253]: Words in reg. 12 substituted (31.12.2020) by The Taxes (Amendments) (EU Exit) (No. 2) Regulations 2019 (S.I. 2019/818), regs. 1(3), 10(2); 2020 c. 1, Sch. 5 para. 1(1)

[^key-6fd8984b0e4079c0180cc519e35b2c02]: Words in reg. 74(2) omitted (31.12.2020) by virtue of The Taxes (Amendments) (EU Exit) Regulations 2019 (S.I. 2019/689), regs. 1, 30(3) (with regs. 39-41); 2020 c. 1, Sch. 5 para. 1(1)

[^key-96413ee8576fa12b53fb409adc02f33f]: Reg. 75(2) modified (1.4.2022 in relation to accounting periods (within the meaning of Part 12 of CTA 2010) that begin on or after that date) by 2010 c. 4, s. 528ZB(5) (as inserted by Finance Act 2022 (c. 3), Sch. 3 paras. 2(3), 6(1))

[^key-fe3140d6507be9de3a8616c58f2e947f]: Regulations modified (11.7.2023) by 1992 c. 12, Sch. 5AAA para. 7(5A) (as inserted by Finance (No. 2) Act 2023 (c. 30), Sch. 4 para. 1(2)(b))

[^key-daba49093e047e5931d5c71491809b40]: Regulations modified (11.7.2023) by 1992 c. 12, Sch. 5AAA para. 13(3A) (as inserted by Finance (No. 2) Act 2023 (c. 30), Sch. 4 para. 1(3)(b))

[^key-2387bad8bc6b5a79886d1412a5b38631]: Regulations modified (11.7.2023) by 1992 c. 12, Sch. 5AAA para. 46(4A) (as inserted by Finance (No. 2) Act 2023 (c. 30), Sch. 4 para. 1(4)(b))

[^key-8f553bd17097c5ad9d87a3651dc7ba8c]: Regulations modified (11.7.2023) by 2010 c. 4, s. 528ZB(2A) (as inserted by Finance (No. 2) Act 2023 (c. 30), Sch. 4 para. 5(3))

[^key-8f1d835f4df98cd6629e9725f8aa0d4a]: Regulations modified (11.7.2023) by 2022 c. 3, Sch. 2 para. 9(3)(za) (as inserted by Finance (No. 2) Act 2023 (c. 30), Sch. 4 para. 12(3)(a))

[^key-03e5d71121b10aa27f742a7abd1f6cf1]: Reg. 75(2) modified (22.2.2024) by Finance Act 2024 (c. 3), Sch. 7 para. 5(5)(6)

[^key-722f531513e38a00b985fae4a0fe9c0a]: Regulations modified (19.3.2025) by The Co-ownership Contractual Schemes (Tax) Regulations 2025 (S.I. 2025/200), regs. 1(2), 7(4) (with reg. 63)

3A

In the case of a reporting fund which has an interest in a distributing fund, income from the distributing fund is treated as income from a reporting fund but no adjustment shall be made to that income under regulation 68 (income from other reporting funds).

3B

• (1) This paragraph applies in the case of a distributing fund which has an interest in a reporting fund.

• (2) The reporting fund is treated as a qualifying fund for the purposes of Part 2 of Schedule 27 of ICTA (modifications of conditions for certification in certain cases).

• (3) The amount of the adjustment required by paragraph 8(1) of Schedule 27 in respect of the excess income of the qualifying fund for any account period is the amount of the excess of the income reported by the reporting fund in respect of the distributing fund’s interest in the reporting fund over the amount distributed by the reporting fund to the distributing fund.

3C

In the case of an exchange of an interest in a distributing fund for an interest in a reporting fund, regulation 37 (exchange of interests of different classes) shall not apply.

Unlisted trading company exception

31A

• (1) No liability to tax arises under regulation 17 if conditions A to D are met.

• (2) Condition A is that the disposal is a disposal of an interest in an offshore fund.

• (3) Condition B is that the sole or main purpose of the fund is to invest in qualifying companies.

• (4) Condition C is that throughout the period starting with the date on which the interest was acquired and ending 12 months before the date of the disposal the fund met the investment condition.

This is subject to paragraph (6).

• (5) Condition D is that participants in the fund have access to, and are able to obtain copies of, sufficient information to demonstrate that the fund intends to dispose of any holdings of shares or securities within regulation 31B(1)(b) or (d).

• (6) Condition C is treated as met in relation to the period—

• (a) starting at the beginning of the first period of account of the fund, and

• (b) ending on the earlier of—

• (i) the expiry of 3 months, and

• (ii) the date the fund meets the investment condition,

if the only asset of the fund during that period is cash.

• (7) For the purposes of this regulation and regulation 31B—

• “cash” means cash deposited in a bank account or similar account, but not cash acquired wholly or partly for the purpose of realising a gain on its disposal;

• “qualifying company” means a trading company or the holding company of a trading group or a trading subgroup, where—the shares of the company are not listed on a recognised stock exchange or admitted to trading on a regulated market, andthe activities of the trading company or, in the case of a holding company, the activities of the members of the group or subgroup taken together, do not include to a substantial extent the carrying out of investment transactions undertaken in the course of a trade.

• (8) In paragraph (7) in the definition of “qualifying company”, “holding company”, “trading company”, “trading group” and “trading subgroup” have the same meanings as in Schedule 7AC to TCGA 1992 (see paragraphs 20 to 24 and 26 and 27 of that Schedule).

Unlisted trading company exception: the investment condition

31B

• (1) The investment condition is that at least 90% of the value of the assets of the fund consists of—

• (a) direct or indirect holdings in qualifying companies,

• (b) holdings of shares or securities listed on a recognised stock exchange or admitted to trading on a regulated market which the fund intends to dispose of as soon as reasonably practicable, taking into account market conditions and commercial and contractual constraints, and which—

• (i) were acquired by the fund in exchange for shares or securities in a qualifying company, or

• (ii) were shares in a qualifying company at the time of their acquisition by the fund,

• (c) holdings of shares or securities listed on a recognised stock exchange or admitted to trading on a regulated market, which are holdings in a company that would be a qualifying company if it were not so listed or admitted, where it is reasonable to believe that the shares or securities will cease to be so listed or admitted within 12 months,

• (d) shares or securities which have ceased to be within sub-paragraph (c) because it is no longer reasonable to believe that they will cease to be listed or admitted, which the fund intends to dispose of as soon as reasonably practicable taking into account market conditions and commercial and contractual constraints.

• (2) For the purposes of the investment condition—

• (a) any holding of cash shall be disregarded, and

• (b) a holding in a qualifying company is held indirectly if it is held by a corporate body which is a 51% subsidiary of the fund.

• (3) For the purposes of paragraph (2) section 1154 of CTA 2010 applies to determine whether a corporate body is a 51% subsidiary of a fund.

Unlisted trading company exception: further provision

31C

No liability to tax arises under regulation 17 if—

• (a) the disposal is of an interest in an offshore fund whose business consists solely of holding an interest in another offshore fund (“X”), and

• (b) conditions B to D of regulation 31A apply in relation to X.

Structure and application of this Part

Meaning of “equalisation arrangements”, “full equalisation arrangements” and “equalisation amount”

50A

For the purposes of this Part—

• (a) a reporting fund operates equalisation arrangements if it has given a statement under regulation 53(1)(h) that it intends to operate such arrangements;

• (b) a reporting fund operates full equalisation arrangements if in relation to any interest acquired by way of initial purchase in the reporting period—

• (i) the equalisation amount included in the consideration for the purchase is specified by the fund in a statement in writing to the participant making the acquisition, or

• (ii) the equalisation amount per unit of interest in the fund is included in the report made available in accordance with regulation 90;

• (c) “equalisation amount” has the meaning given in regulation 72(2).

CHAPTER 2A — AMENDMENT TO APPLICATION FOR THIS PART TO APPLY

Amending a statement relating to equalisation

56A

• (1) The manager of a reporting fund may apply to amend any statement under regulation 53(1)(h) to (l) in relation to a reporting period and subsequent reporting periods by application in writing to HMRC before the end of the first reporting period in relation to which the amendment is to have effect.

• (2) Paragraphs (4) to (8) do not apply in relation to an application to amend a statement under regulation 53(1)(h) and (i) or under regulation 53(1)(i) if the amendment sought is that the fund intends to operate full equalisation arrangements.

• (3) An application to which paragraph (2) applies must be accepted by HMRC within 28 days beginning with the day on which HMRC receive the application.

• (4) An application under paragraph (1) must specify—

• (a) the reason for the application,

• (b) the amendment sought to the statement, and

• (c) the first reporting period in which the amendment is to apply.

• (5) Within 28 days beginning with the day on which HMRC receive the application, HMRC must give notice to the manager—

• (a) accepting the application,

• (b) rejecting the application, or

• (c) asking for further information in order to consider the application.

• (6) HMRC must not accept an application if—

• (a) they consider the application is made for reasons other than commercial or administrative reasons, or

• (b) an application was accepted under this regulation in relation to either of the previous two reporting periods.

• (7) Paragraph (8) applies if—

• (a) HMRC have given notice under paragraph (5)(c), and

• (b) the manager provides further information within a period of 28 days beginning with the day on which HMRC ask for further information or within such longer period as is agreed by HMRC.

• (8) Within 28 days beginning with the day on which HMRC receive the further information, HMRC must give notice to the manager—

• (a) accepting the application, or

• (b) rejecting the application.

Appeal against refusal of application to amend a statement

56B

• (1) If HMRC reject an application the manager may appeal.

• (2) The notice of appeal must be given to HMRC within a period of 42 days beginning with the day on which the notice rejecting the application is given.

• (3) On an appeal, the tribunal may uphold or quash the rejection of the application.

• (4) If the tribunal quashes the rejection of the application, this Part applies as if HMRC had accepted the application.

Index tracking funds

68A

• (1) This regulation applies if—

• (a) a reporting fund has an interest in a non-reporting fund, and

• (b) the conditions in paragraph (2) are met for a period of account.

• (2) The conditions are that—

• (a) in accordance with the reporting fund’s rule or the instrument constituting the reporting fund, the aim of the fund’s investment policy is to replicate the performance of a qualifying index,

• (b) the main purpose of the investment in the non-reporting fund is to represent the composition of the qualifying index, and

• (c) the capital and income returns of the reporting fund replicate as closely as practicable the returns of the investments comprised in the qualifying index.

• (3) For the purposes of paragraph (2) an index is a “qualifying index” if—

• (a) it is based solely on the value of securities listed on a recognised stock exchange or admitted to trading on a regulated market,

• (b) an authority responsible for regulating offshore funds recognises the index on the basis that—

• (i) its composition is sufficiently diverse,

• (ii) it represents an adequate benchmark for the market to which it refers, and

• (iii) it is published in such a way that it is widely available, and

• (c) it is calculated and published by a body which is managed independently from the management of the reporting fund.

• (4) Regulations 69 to 71 do not apply in respect of the interest in the non-reportingfund.

Income from non-reporting funds: first case

Income from non-reporting funds: second case

Income from non-reporting funds if first case ceases to apply

CHAPTER 6A — TRANSPARENT REPORTING FUNDS

Transparent reporting funds

89A

• (1) This Chapter explains how reportable income is computed in the case of a transparent reporting fund.

• (2) For the purposes of these Regulations a “transparent reporting fund” is a reporting fund which is a transparent fund.

Reportable income: general

89B

• (1) A transparent reporting fund must provide a computation of its reportable income for a period of account.

• (2) The reportable income of a transparent reporting fund for a period of account is comprised of—