- Draft legislation
This is a draft item of legislation. This draft has since been made as a UK Statutory Instrument: The Offshore Funds (Tax) Regulations 2009 No. 3001
26.—(1) No liability to tax arises under regulation 17 if condition A or B is met.
(2) Condition A is that the interest in the fund is held as trading stock.
(3) Condition B is that the disposal of the interest is taken into account in computing the profits of a trade.
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