The Offshore Funds (Tax) Regulations 2009

Amendment of ITTOIA 2005

128.—(1) ITTOIA 2005 is amended as follows.

(2) In section 378A(7)(1), (offshore fund distributions), in the definition of “offshore fund”, for “Chapter 5 of Part 17 of ICTA (see sections 756A to 756C of that Act)” substitute “section 40A of FA 2008”.

(3) In section 632 (offshore income gains)—

(a) in subsection (2) for “section 761(1) of ICTA (charge to income tax of offshore income gain)” substitute “regulation 17 of the Offshore Funds (Tax) Regulations 2009 (S.I. 2009/[Y]) (charge to tax)” , and

(b) in subsection (3) for “Chapter 5 of Part 17 of ICTA (charge to income tax of offshore income gains)” substitute “Chapter 5 of Part 2 of those Regulations”.

(4) In section 830(4)(2) (meaning of “relevant foreign income”) for paragraph (aa) substitute—

“(aa) regulation 19 of the Offshore Funds (Tax) Regulations 2009 (S.I. 2009/[Y]),”.

(1)

Section 378A was inserted by section 39(3) of the Finance Act 2009 (c. 10). Section 126(3) of that Act amends the table of abbreviations in Part 1 of Schedule 4 to the Income Tax (Trading and Other Income) Act 2005 (c. 5) so that (among other matters) “the Finance Act 2008” may be abbreviated to “FA 2008”.

(2)

Section 830(4)(aa) was inserted by paragraph 96 of Schedule 7 to the Finance Act 2008 (c. 9).