Regulation 129 Amendment of ITA 2007

(1)

ITA 2007 is amended as follows.

(2)

In section 152(8) M1 (losses from miscellaneous transactions) for “section 761(1)(b)(i) of ICTA” substitute “ regulation 17 of the Offshore Funds (Tax) Regulations 2009 (S.I. 2009/3001) ”.

(3)

In section 482 (types of amount to be charged at special rates for trustees), in the description of “Type 3”, for “section 761(1) of ICTA (offshore income gains)” substitute “ regulation 17 of the Offshore Funds (Tax) Regulations 2009 (S.I. 2009/3001) ”.

(4)

In section 535 (exemption for offshore income gains)—

(a)

in subsection (3) for “Chapter 5 of Part 17 of ICTA (offshore funds) (see section 758 of, and Schedule 28 to, that Act)” substitute “ Chapter 5 of Part 2 of the Offshore (Tax) Funds Regulations 2009 (S.I. 2009/3001) ”, and

(b)

in subsection (4) for “section 761(6B) of ICTA” substitute “ regulation 31(3) to (5) of the Offshore Funds (Tax) Regulations 2009 (S.I. 2009/3001) ”.

(5)

In section 734(5) M2 (reduction in amount charged: previous capital gains tax charge) for “section 762 of ICTA” substitute “ regulations 20 and 22 to 24 of the Offshore Funds (Tax) Regulations 2009 (S.I. 2009/3001) ”.

(6)

In section 1016(2) (table of provisions to which this section applies), in Part 3 of the Table—

(a)

omit the entry relating to section 761(1)(b)(i) of ICTA, and

(b)

at the end insert—

“
Regulation 17 of the Offshore Funds (Tax) Regulations 2009 (S.I. 2009/3001) Offshore income gains
”

Annotations

Marginal citations

M1: Section 152(8) was amended by section 57(5) of the Finance Act 2007 (c. 11).
M2: Section 734(5) was inserted by paragraph 97 of Schedule 7 to the Finance Act 2008 (c. 9).