# The Offshore Funds (Tax) Regulations 2009, Paragraph 5


(1) This paragraph applies in the case of an existing fund which—
(a) immediately before 1st December 2009 was a non-qualifying fund, and
(b) on 1st December 2009 becomes a reporting fund.
(2) Regulation 48 applies as if, for references to the non-reporting fund, there were substituted references to the existing fund.
(3) Chapter 5 of Part 17 of ICTA applies to determine the offshore income gain arising by virtue of the application of regulation 48.

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Source: https://www.legislation.gov.uk/uksi/2009/3001/schedule/1/paragraph/5 (the official version)
Page: https://openlegislation.uk/offshore-funds-tax-regulations-2009/schedule-1/paragraph-5
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.