{
  "url": "https://openlegislation.uk/offshore-funds-tax-amendment-no-3-regulations-2013/note",
  "json_url": "https://openlegislation.uk/offshore-funds-tax-amendment-no-3-regulations-2013/note.json",
  "legislation": "uksi/2013/1770",
  "legislation_title": "The Offshore Funds (Tax) (Amendment No. 3) Regulations 2013",
  "legislation_url": "https://openlegislation.uk/offshore-funds-tax-amendment-no-3-regulations-2013",
  "path": "note",
  "kind": "note",
  "number": null,
  "heading": "Explanatory note",
  "text": "(This note is not part of the Regulations)\nThese Regulations amend the Offshore Funds (Tax) Regulations 2009 (“the principal Regulations”) which make provision for the tax treatment of participants in offshore funds.\nRegulation 1 deals with citation, commencement and effect. Authority for the limited retrospective effect is given by section 354(6) of the Taxation (International and Other Provisions) Act 2010.\nRegulation 2 introduces the amendments to the principal Regulations, inserts Part 3A which contains regulations 124A and 124B and makes a consequential amendment to regulation 2 to refer to refer to Part 3A.\nRegulation 124A provides that an annual payment made to a participant in an offshore fund is not a qualifying annual payment for the purposes of Chapter 6 of Part 15 of the Income Tax Act 2007 (deduction from annual payments and royalties) if certain conditions are met (so such payments will not be subject to a duty to withhold a sum representing income tax on the payment).\nRegulation 124B reapplies tax withholding provisions in certain cases where the condition requiring the person making the payment to have reasonable grounds for believing that the participant is not resident in the United Kingdom is met but in fact the participant or, in the case of a trust, the beneficial owner is not resident in the United Kingdom.\nA Tax Information and Impact Note covering this instrument was published on 29 May 2013 alongside a draft of this instrument and is available on the HMRC website at http://www.hmrc.gov.uk/thelibrary/tiins.htm. It remains an accurate summary of the impacts that apply to this instrument.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2013/1770/note",
    "retrieved_at": "2026-10-29T00:47:41.547026+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."
}