Paragraph 6
United Kingdom
In any case where—
in an account period of an offshore fund (in this Part of this Schedule referred to as the “primary fund”), the assets of the fund consist of or include interests in another offshore fund; and
F1those interests are such that, by virtue of section 760(3)(a), the primary fund could not, apart from this paragraph, be certified as a distributing fund in respect of that account period; and
F2. . . that other fund could be certified as a distributing fund in respect of its account period or, as the case may be, each of its account periods which comprises the whole or any part of the account period of the primary fund;
then, in determining whether anything in F3section 760(3)(a) prevents the primary fund being certified as mentioned in paragraph (b) above, the interests of the primary fund in that other fund shall be left out of account except for the purposes of determining the total value of the assets of the primary fund.
In this Part of this Schedule an offshore fund falling within sub-paragraph (1)(c) above is referred to as a “qualifying fund”.
In a case falling within sub-paragraph (1) above—
F4section 760(3)(a) shall have effect in relation to the primary fund with the modification in paragraph 7 below (in addition to that provided for by sub-paragraph (1) above); and
Part I of this Schedule shall have effect in relation to the primary fund with the modification in paragraph 8 below.
Annotations
Textual amendments
- F1
Words in Sch. 27 para. 6(1)(b) substituted (with effect in accordance with s. 145(2) of the amending Act) by Finance Act 2004 (c. 12), Sch. 26 para. 14(2)(a) (with Sch. 26 para. 17)
- F2
Words in Sch. 27 para. 6(1)(c) repealed (with effect in accordance with s. 57(8) of the repealing Act) by Finance Act 2007 (c. 11), s. 57(4), Sch. 27 Pt. 2(18), Note
- F3
Words in Sch. 27 para. 6(1) substituted (with effect in accordance with s. 145(2) of the amending Act) by Finance Act 2004 (c. 12), Sch. 26 para. 14(2)(b) (with Sch. 26 para. 17)
- F4
Words in Sch. 27 para. 6(3)(a) substituted (with effect in accordance with s. 145(2) of the amending Act) by Finance Act 2004 (c. 12), Sch. 26 para. 14(2)(c) (with Sch. 26 para. 17)
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Sch. 27 repealed (1.12.2009 with effect in accordance with reg. 1(2) of the repealing S.I.) by The Offshore Funds (Tax) Regulations 2009 (S.I. 2009/3001), regs. 1(1), 13(2)(3),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)