The Offshore Funds (Tax) (Amendment) Regulations 2011

PART 1Introduction

1Citation, commencement and effect

2Amendment of the Offshore Funds (Tax) Regulations 2009

3Structure of these Regulations and interpretation

PART 2Equalisation Arrangements

Introduction and amendments to principal Regulations

5Insertion of new regulation 50A (meaning of “equalisation arrangements”, “full equalisation arrangements” and “equalisation amount”)

6Amendment to regulation 53 (contents of an application)

7Amendment to regulation 55 (response by HMRC to application)

8Insertion of Chapter 2A (amendment to application for this Part to apply)

9Substitution of regulation 72 (treatment of reporting funds operating equalisation arrangements)

10Amendment to regulation 92 (contents of report to participants)

11Insertion of new regulations 92A, 92B and 92C (funds which do not operate equalisation arrangements)

12Insertion of regulation 94A

13Amendment to regulation 99 (disposals of interests)

Transitional provisions

14Transitional provisions: introduction

15Transitional provisions: general provisions

16Transitional provisions: special cases

17Appeal against a refusal to accept a statement

PART 3Unlisted Trading Company Exception

19Insertion of regulations 31A to 31C (unlisted trading company exception)

20Amendment to regulation 81 (meaning of investment transaction)

PART 4Transparent Funds

22Amendment to regulation 49 (structure of this Part)

23Amendment to regulation 58 (general duties of reporting funds)

24Insertion of new Chapter 6A in Part 3

25Amendment to regulation 92 (contents of report to participants)

26Insertion of regulation 92D (contents of reports to participants: transparent reporting funds)

27Amendment to regulation 106 (reporting requirements)

PART 5Miscellaneous Amendments

28Amendment to regulation 4 (classification of offshore funds)

29Amendment to regulation 12 (general interpretation)

30Amendment to regulation 16 (treatment of certain amounts as distributions)

31Amendment to regulation 54 (form, timing and withdrawal of application)

32Amendment to regulation 57 (effects of entry into the reporting fund regime)

33Amendment to regulation 67 (income from wholly-owned subsidiaries)

34Amendment to regulation 68 (income from other reporting funds)

35Insertion of new regulation 68A (index tracking funds)

36Amendment to regulation 69 (income from non-reporting funds: first case)

37Amendment to regulation 74 (the equivalence condition)

38Amendment to regulation 75 (the genuine diversity of ownership condition)

39Amendment to regulation 90 (report to participants for a reporting period)

40Amendment to regulation 94 (reported income: general provisions)

41Amendment to regulation 106 (reporting requirements)

42Amendment to Schedule 1 (transitional provisions and savings)

43Amendment to Schedule 3 (abbreviations and defined expressions)

PART 6Amendments to Primary Legislation

44Amendment to the Taxation of Chargeable Gains Act 1992

45Amendment to the Corporation Tax Act 2009

2011 No. 1211

Income Tax

Corporation Tax

Capital Gains Tax

The Offshore Funds (Tax) (Amendment) Regulations 2011

Made4th May 2011

Laid before the House of Commons5th May 2011

Coming into force27th May 2011

The Treasury make the following Regulations in exercise of the powers conferred by section 354 of the Taxation (International and Other Provisions) Act 20101.