2.—(1) The Offshore Funds (Tax) Regulations 2009(1) are amended as follows.
(2) In regulation 17 (the charge to tax), after paragraph (3) insert—
“(3A) Where the asset is an interest in a reporting fund acquired in consequence of an arrangement to which section 135 (exchange of securities for those in another company treated as not involving a disposal) or section 136 (scheme of reconstruction involving issue of securities treated as exchange not involving a disposal) of TCGA 1992(2) applied, the reporting fund referred to in sub-paragraph (b) of condition B is the fund that was company A for the purposes of either of those sections and the interest referred to in sub-paragraph (c) of condition B is the interest in that fund.”
S.I. 2009/3001, to which there are amendments not relevant to these Regulations. These Regulations are referred to in the footnotes to these Regulations as “the principal Regulations”.
“TCGA 1992” is an abbreviation for the Taxation of Chargeable Gains Act 1992 (c. 12) given in Part 1 of Schedule 3 to the principal Regulations.