Regulation 128 Amendment of ITTOIA 2005
ITTOIA 2005 is amended as follows.
In section 378A(7) M1, (offshore fund distributions), in the definition of “offshore fund”, for “Chapter 5 of Part 17 of ICTA (see sections 756A to 756C of that Act)” substitute “ section 40A of FA 2008 ”.
In section 632 (offshore income gains)—
in subsection (2) for “section 761(1) of ICTA (charge to income tax of offshore income gain)” substitute “ regulation 17 of the Offshore Funds (Tax) Regulations 2009 (S.I. 2009/3001) (charge to tax) ” , and
in subsection (3) for “Chapter 5 of Part 17 of ICTA (charge to income tax of offshore income gains)” substitute “ Chapter 5 of Part 2 of those Regulations ”.
In section 830(4) M2 (meaning of “relevant foreign income”) for paragraph (aa) substitute—
“(aa)regulation 19 of the Offshore Funds (Tax) Regulations 2009 (S.I. 2009/3001),”.
Annotations
Marginal citations
- M1
Section 378A was inserted by section 39(3) of the Finance Act 2009 (c. 10). Section 126(3) of that Act amends the table of abbreviations in Part 1 of Schedule 4 to the Income Tax (Trading and Other Income) Act 2005 (c. 5) so that (among other matters) “the Finance Act 2008” may be abbreviated to “FA 2008”.
- M2
Section 830(4)(aa) was inserted by paragraph 96 of Schedule 7 to the Finance Act 2008 (c. 9).