# The Offshore Funds (Tax) Regulations 2009, Paragraph 3B

Extent: E+W+S+N.I.

(1) This paragraph applies in the case of a distributing fund which has an interest in a reporting fund.
(2) The reporting fund is treated as a qualifying fund for the purposes of Part 2 of Schedule 27 of ICTA (modifications of conditions for certification in certain cases).
(3) The amount of the adjustment required by paragraph 8(1) of Schedule 27 in respect of the excess income of the qualifying fund for any account period is the amount of the excess of the income reported by the reporting fund in respect of the distributing fund’s interest in the reporting fund over the amount distributed by the reporting fund to the distributing fund.

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Source: https://www.legislation.gov.uk/uksi/2009/3001/schedule/1/paragraph/3B (the official version)
Page: https://openlegislation.uk/offshore-funds-tax-regulations-2009/schedule-1/paragraph-3B
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.