Regulation 65 Treatment of other capital items and miscellaneous itemsF3

United Kingdom

(1)

The amount specified in regulation 63(1) must also be adjusted by adding the amounts specified in paragraph (2).

(2)

Those amounts are—

(a)

expenses directly related to acquisition or disposal of investments (other than those taken into account in arriving at the amounts specified in sub-paragraph (a) or (b) of regulation 64(2)), F1...

(b)

costs relating to the setting up, merger or dissolution of the fundF2, and

(c)

sums payable or allocated to the manager 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

Textual amendments

F1: Word in reg. 65(2)(a) omitted (with effect in accordance with reg. 1(2) of the amending S.I.) by virtue of The Offshore Funds (Tax) (Amendment) Regulations 2017 (S.I. 2017/240), regs. 1(1), 2(3)(a)
F2: Reg. 65(2)(c) and preceding word inserted (with effect in accordance with reg. 1(2) of the amending S.I.) by The Offshore Funds (Tax) (Amendment) Regulations 2017 (S.I. 2017/240), regs. 1(1), 2(3)(b)
F3: Words in reg. 65 heading inserted (with effect in accordance with reg. 1(2) of the amending S.I.) by The Offshore Funds (Tax) (Amendment) Regulations 2017 (S.I. 2017/240), regs. 1(1), 2(2)(c)

Notes on Adjustments for capital items and miscellaneous items

Textual amendments

F1: Words in reg. 64 cross-heading inserted (with effect in accordance with reg. 1(2) of the amending S.I.) by The Offshore Funds (Tax) (Amendment) Regulations 2017 (S.I. 2017/240), regs. 1(1), 2(2)(b)