Paragraph 14
United Kingdom
If, in the case of any account period of an offshore fund ending after the passing of the M1Finance (No. 2) Act 1987 (23rd July 1987), it appears to the Board that there has been a failure to comply with F1the condition in section 760(3)(a) (as modified, where appropriate, by the preceding provisions of this Part of this Schedule) but the Board are satisfied—
that the failure occurred inadvertently; and
that the failure was remedied without unreasonable delay,
the Board may disregard the failure in determining whether to certify the fund as a distributing fund in respect of that account period.
Annotations
Textual amendments
- F1
Words in Sch. 27 para. 14 substituted (with effect in accordance with s. 145(2) of the amending Act) by Finance Act 2004 (c. 12), Sch. 26 para. 14(7) (with Sch. 26 para. 17)
Marginal citations
- M1
Notes on Schedule 27
Textual amendments
- F1
Sch. 27 repealed (1.12.2009 with effect in accordance with reg. 1(2) of the repealing S.I.) by The Offshore Funds (Tax) Regulations 2009 (S.I. 2009/3001), regs. 1(1), 13(2)(3), Sch. 2 (with saving in Sch. 1 para. 3(4)) (subject, as saved, to modification by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 9 para. 24)