Regulation 2 Amendment of the Offshore Funds (Tax) Regulations 2009

The Offshore Funds (Tax) Regulations 2009^f1 are amended as follows.

In regulation 17 (the charge to tax), after paragraph (3) insert—

“(3A)

Where the asset is an interest in a reporting fund acquired in consequence of an arrangement to which section 135 (exchange of securities for those in another company treated as not involving a disposal) or section 136 (scheme of reconstruction involving issue of securities treated as exchange not involving a disposal) of TCGA 1992^f2 applied, the reporting fund referred to in sub-paragraph (b) of condition B is the fund that was company A for the purposes of either of those sections and the interest referred to in sub-paragraph (c) of condition B is the interest in that fund.”