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The Offshore Funds (Tax) (Amendment) Regulations 2017

S.I. 2017/240 · Made 2 March 2017

Original text. legislation.gov.uk does not revise statutory instruments, so later amendments are not shown here. Changes made to it are listed under each provision when known.

Income Tax

Corporation Tax

Capital Gains Tax

Made at 9.00 a.m. on 2nd March 2017

Laid before the House of Commons at 3.00 p.m. on 2nd March 2017

Coming into force 23rd March 2017

The Treasury, in exercise of the powers conferred by section 354 of the Taxation (International and Other Provisions) Act 2010f1, make the following Regulations:

Annotations to the whole text

Footnotes

f1

2010 c. 8.

Contents

  1. 1Citation, commencement and effect
  2. 2Amendment of the Offshore Funds (Tax) Regulations 2009
  3. Signature
  4. Explanatory note

1Citation, commencement and effect

(1)

These Regulations may be cited as the Offshore Funds (Tax) (Amendment) Regulations 2017 and come into force on 23rd March 2017.

(2)

These Regulations have effect for each reporting period beginning on or after 1st April 2017.

(3)

In this regulation, “reporting period” has the same meaning as in regulation 91 of the Offshore Funds (Tax) Regulations 2009f1.

2Amendment of the Offshore Funds (Tax) Regulations 2009

(1)

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

(2)

In the following places after “capital items” insert “and miscellaneous items”—

(a)

regulation 63(2)(a),

(b)

the italic heading before the heading to regulation 64 and the corresponding entry in the table of contents,

(c)

the heading to regulation 65 and the corresponding entry in the table of contents.

(3)

In regulation 65(2)—

(a)

at the end of paragraph (a), omit “and”,

(b)

after paragraph (b) insert—

“, and

(c)

sums payable or allocated to the managerf1 of a fund calculated by reference to an increase in the net asset value of the fund or a formula designed to reward the manager’s performance.”.

Signature

Andrew Griffiths

Stephen Barclay

Two of the Lords Commissioners of Her Majesty’s Treasury

At 9.00 a.m. on 2nd March 2017

Explanatory note

(This note is not part of the Regulations)

These Regulations amend the Offshore Funds (Tax) Regulations 2009, which make provision for the tax treatment of participants in offshore funds.

Regulation 1 provides for citation, commencement and effect.

Regulation 2 makes consequential amendments and amends regulation 65 so that sums payable or allocated to the manager of an offshore fund calculated by reference to an increase in the net asset value of the fund or a formula designed to reward the manager’s performance do not reduce the amount of reportable income of a fund for a period of account.

A Tax Information and Impact Note covering this instrument will be published on the website at https://www.gov.uk/government/collections/tax-information-and-impact-notes-tiins.