The Offshore Funds (Tax) Regulations 2009 No. 3001

PART 2 U.K. THE TREATMENT OF PARTICIPANTS IN NON-REPORTING FUNDS

CHAPTER 4 U.K. DISPOSALS OF INTERESTS IN NON-REPORTING FUNDS

Basic provisions U.K.

Application of this Chapter U.K.

32.  This Chapter applies if a participant disposes of an asset and at the time of the disposal—

(a) the asset is an interest in a non-reporting fund, or

(b) the asset is an interest in a reporting fund and the requirements specified in paragraph (3) of regulation 17 (read, as appropriate, with paragraphs (4) and (5) of that regulation) are met.

Disposal of an asset: the basic rule U.K.

33.—(1) There is a disposal of an asset for the purposes of these Regulations if there would be a disposal of an asset for the purposes of TCGA 1992.

(2) Paragraph (1) is subject to the following provisions of this Chapter.