{
  "url": "https://openlegislation.uk/draft-offshore-funds-tax-regulations-2009/regulation-35",
  "json_url": "https://openlegislation.uk/draft-offshore-funds-tax-regulations-2009/regulation-35.json",
  "legislation": "ukdsi/2009/9780111486313",
  "legislation_title": "The Offshore Funds (Tax) Regulations 2009",
  "legislation_url": "https://openlegislation.uk/draft-offshore-funds-tax-regulations-2009",
  "path": "regulation/35",
  "kind": "regulation",
  "number": "35",
  "heading": "Application of section 135 of TCGA 1992",
  "text": "(1) Section 135 of TCGA 1992 (exchange of securities for those in another company treated as not involving a disposal) does not apply for the purposes of this Part to the extent that—\n(a) the interest in the entity that is company A for the purposes of that section that is exchanged is an interest in a non-reporting fund, and\n(b) the interest in the entity that is company B for those purposes that is exchanged is not an interest in such a fund.\n(2) In a case where section 135 of TCGA 1992 would apply apart from paragraph (1), the exchange in question shall for the purposes of this Part constitute a disposal of interests in the non-reporting fund for a consideration equal to their market value at the time of the exchange.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "footnote",
      "label": "f1",
      "text": "Section 135 was substituted by paragraph 1 of Schedule 9 to the Finance Act 2002."
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukdsi/2009/9780111486313/regulation/35",
    "retrieved_at": "2026-10-30T14:56:44.866559+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}