42Regulations under section 41: supplementary
(1)Regulations under section 41 may, in particular—
(a)make provision for an offshore fund, or a trustee or officer of an offshore fund, to make elections relating to the treatment of participants in the offshore fund for the purposes of income tax, capital gains tax or corporation tax,
(b)make provision about—
(i)the provision of information to Her Majesty’s Revenue and Customs,
(ii)the provision of information to participants,
(iii)the preparation of accounts, and
(iv)the keeping of records,
by offshore funds or trustees or officers of offshore funds, and
(c)make other provision about the administration of offshore funds.
(2)Regulations under section 41 may, in particular, make special provision about the treatment of participants in—
(a)an umbrella fund (within the meaning of section 756B of ICTA), and
(b)an offshore fund which comprises a class of interest in another fund (within the meaning of section 756C of ICTA).
(3)Regulations under section 41 may include provision consequential on the repeals made by that section.
(4)Regulations under section 41 may, in particular—
(a)provide for Her Majesty’s Revenue and Customs to exercise a discretion in dealing with any matter,
(b)make provision by reference to standards or other documents issued by any person,
(c)modify an enactment (whenever passed or made),
(d)make different provision for different cases or different purposes, and
(e)make incidental, consequential, supplementary or transitional provision.
(5)Regulations under section 41 may, in particular, make provision having effect—
(a)in the case of provision relating to income tax or capital gains tax, in relation to the tax year current on the day on which the regulations are made, and
(b)in the case of provision relating to corporation tax, in relation to accounting periods current on that day.
(6)In this section—
“enactment” and “offshore fund” have the same meaning as in section 41, and
“modify” includes amend, repeal or revoke.