# Taxation of Chargeable Gains Act 1992, Paragraph 7

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

(1) Nothing in this Schedule shall be read as affecting the operation of regulations under section 354(1) of TIOPA 2010 (see the Offshore Funds (Tax) Regulations 2009 (S.I. 2009/3001)).
(2) Where an offshore income gain accrues to the company under such regulations from the disposal of any relevant asset of the partnership, the amount of any distribution received or treated as received by the company from the partnership that represents the whole or part of the proceeds of disposal of that asset is treated for the purposes of this Schedule as reduced by the amount of the whole or a corresponding part of the offshore income gain.

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Source: https://www.legislation.gov.uk/ukpga/1992/12/schedule/7AD/paragraph/7 (the official version)
Page: https://openlegislation.uk/taxation-of-chargeable-gains-act-1992/schedule-7AD/paragraph-7
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.