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Explanatory note

Original text. Later amendments are not shown.

(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.