Regulation 2 Amendment 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 manager^f1 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.”.

Annotations

Footnotes

f1: “Manager” is defined in regulation 51(3) of the Offshore Funds (Tax) Regulations 2009.