{
  "url": "https://openlegislation.uk/draft-offshore-funds-tax-regulations-2009/regulation-36",
  "json_url": "https://openlegislation.uk/draft-offshore-funds-tax-regulations-2009/regulation-36.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/36",
  "kind": "regulation",
  "number": "36",
  "heading": "Application of section 136 of TCGA 1992",
  "text": "(1) Section 136 of TCGA 1992 (scheme of reconstruction involving issue of securities treated as exchange not involving 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 136 of TCGA 1992 would apply apart from paragraph (1), the deemed 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 deemed exchange.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "footnote",
      "label": "f1",
      "text": "Section 136 was substituted by paragraph 2 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/36",
    "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."
}