The Offshore Funds (Tax) (Amendment) Regulations 2017

• Citation: S.I. 2017/240
• Sections: 2

Section 1 Citation, commencement and effect

(1) These Regulations may be cited as the Offshore Funds (Tax) (Amendment) Regulations 2017 and come into force on 23rd March 2017.

(2) These Regulations have effect for each reporting period beginning on or after 1st April 2017.

(3) In this regulation, “reporting period” has the same meaning as in regulation 91 of the Offshore Funds (Tax) Regulations 2009 .

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

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

(2) In the following places after “capital items” insert “and miscellaneous items”—

(a) regulation 63(2)(a),

(b) the italic heading before the heading to regulation 64 and the corresponding entry in the table of contents,

(c) the heading to regulation 65 and the corresponding entry in the table of contents.

(3) In regulation 65(2)—

(a) at the end of paragraph (a), omit “and”,

(b) after paragraph (b) insert—

, and

(c) sums payable or allocated to the manager of a fund calculated by reference to an increase in the net asset value of the fund or a formula designed to reward the manager’s performance.