The Offshore Funds (Tax) (Amendment) Regulations 2013

• Citation: S.I. 2013/661
• Sections: 2

Section 1 Citation, commencement and effect

(1) These Regulations may be cited as the Offshore Funds (Tax) (Amendment) Regulations 2013 and shall come into force at 3 p.m. on 20th March 2013.

(2) These Regulations have effect in relation to disposals made on or after that date.

Section 2 Amendment of the Offshore Funds (Tax) Regulations 2009

(1) The Offshore Funds (Tax) Regulations 2009 are amended as follows.

(2) In regulation 17 (the charge to tax), after paragraph (3) insert—

(3A) Where the asset is an interest in a reporting fund acquired in consequence of an arrangement to which section 135 (exchange of securities for those in another company treated as not involving a disposal) or section 136 (scheme of reconstruction involving issue of securities treated as exchange not involving a disposal) of TCGA 1992 applied, the reporting fund referred to in sub-paragraph (b) of condition B is the fund that was company A for the purposes of either of those sections and the interest referred to in sub-paragraph (c) of condition B is the interest in that fund.