{
  "url": "https://openlegislation.uk/offshore-funds-tax-regulations-2009/schedule-1/paragraph-5",
  "json_url": "https://openlegislation.uk/offshore-funds-tax-regulations-2009/schedule-1/paragraph-5.json",
  "legislation": "uksi/2009/3001",
  "legislation_title": "The Offshore Funds (Tax) Regulations 2009",
  "legislation_url": "https://openlegislation.uk/offshore-funds-tax-regulations-2009",
  "path": "schedule/1/paragraph/5",
  "kind": "paragraph",
  "number": "5",
  "heading": null,
  "text": "(1) This paragraph applies in the case of an existing fund which—\n(a) immediately before 1st December 2009 was a non-qualifying fund, and\n(b) on 1st December 2009 becomes a reporting fund.\n(2) Regulation 48 applies as if, for references to the non-reporting fund, there were substituted references to the existing fund.\n(3) Chapter 5 of Part 17 of ICTA applies to determine the offshore income gain arising by virtue of the application of regulation 48.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2009/3001/schedule/1/paragraph/5",
    "retrieved_at": "2026-10-29T03:01:48.652414+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}