# The Offshore Funds (Tax) Regulations 2009, Regulation 31C: Unlisted trading company exception: further provision


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.

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Source: https://www.legislation.gov.uk/uksi/2009/3001/regulation/31C (the official version)
Page: https://openlegislation.uk/offshore-funds-tax-regulations-2009/regulation-31C
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.