Regulation 31C Unlisted trading company exception: further provisionF1
No liability to tax arises under regulation 17 if—
(a)
the disposal is of an interest in an offshore fund whose business consists solely of holding an interest in another offshore fund (“X”), and
(b)
conditions B to D of regulation 31A apply in relation to X.
Annotations
Textual amendments
- F1
Regs. 31A-31C inserted (with effect in accordance with reg. 1(2) of the amending S.I.) by The Offshore Funds (Tax) (Amendment) Regulations 2011 (S.I. 2011/1211), regs. 1(1), 19