# The Co-ownership Authorised Contractual Schemes (Tax) Regulations 2017, Note: Explanatory note

Extent: E+W+S+N.I.

(This note is not part of the Regulations)
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.

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Source: https://www.legislation.gov.uk/uksi/2017/1209/note (the official version)
Page: https://openlegislation.uk/co-ownership-authorised-contractual-schemes-tax-regulations-2017/note
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.