Explanatory note

These Regulations make provision in relation to co-ownership authorised contractual schemes (“CoACS”).

Authority for the retrospective effect of Part 2 is provided by section 41(6) of the Finance (No. 2) Act 2017.

Part 2 makes provision for an operator of a CoACS to provide information to participants in the scheme, other CoACS and HMRC and for penalties for failure to provide the specified information.

Part 3 makes provision to treat any accumulated income of an offshore fund in which the CoACS has invested as the income of participants in the CoACS.

A Tax Information and Impact Note covering this instrument was published on 5 December 2016 alongside draft Finance Bill clauses and is available on the website at https://www.gov.uk/government/collections/tax-information-and-impact-notes-tiins. It remains an accurate summary of the impacts that apply to this instrument.