Source: http://www.legislation.gov.uk/uksi/2009/3001/contents/made
Timestamp: 2020-07-07 09:53:30
Document Index: 24742219

Matched Legal Cases: ['ART 2', 'art\n15', 'ART 3', 'art\n50', 'art\n119', 'ART 1', 'ART 2']

The Offshore Funds (Tax) Regulations 2009The Offshore Funds (Tax) Regulations 2009
2009 No. 3001
3.Definition of “offshore fund”
4.Classification of offshore funds
Treatment of umbrella arrangements and of funds comprising more than one class of interest
5.Treatment of umbrella arrangements
6.Treatment of funds comprising more than one class of interest
7.Meaning of “participant”
8.Meaning of “interest” (of a participant in an offshore fund)
9.Meaning of “guaranteed return fund”
10.Meaning of “market value”
11.Meaning of “transparent fund”
12.General interpretation
13.Transitional provisions and savings, repeals, abbreviations and general index
PART 2 THE TREATMENT OF PARTICIPANTS IN NON-REPORTING FUNDS
14.Structure of this Part
15.Meaning of “material disposal”
CHAPTER 2 CHARGES TO TAX ON PARTICIPANTS IN NON-REPORTING FUNDS
Charge to tax on certain amounts treated as distributions
16.Treatment of certain amounts as distributions
Charge to tax on disposal of asset
17.The charge to tax
18.The charge to tax: further provisions
19.Income treated as arising under regulation 17: remittance basis
Offshore funds and gains of non-resident settlements
20.Application to gains of non-resident settlements
Offshore funds and the transfer of assets abroad
21.Application of transfer of assets abroad provisions
Application of TCGA 1992
22.Application of certain provisions of TCGA 1992
23.Application of section 10A of TCGA 1992
24.Application of section 13 of TCGA 1992
CHAPTER 3 EXCEPTIONS ETC. FROM THE CHARGE TO TAX
25.Exceptions from the charge
26.Trading stock etc.
27.Long-term insurance funds of insurance companies
28.Loans other than participating loans
29.Interests in transparent funds
30.Rights in certain existing holdings
31.Charitable companies and charitable trusts
CHAPTER 4 DISPOSALS OF INTERESTS IN NON-REPORTING FUNDS
32.Application of this Chapter
33.Disposal of an asset: the basic rule
34.Provisions applicable on death
35.Application of section 135 of TCGA 1992
36.Application of section 136 of TCGA 1992
37.Exchange of interests of different classes
CHAPTER 5 OFFSHORE INCOME GAINS AND THE COMPUTATION OF OFFSHORE INCOME GAINS
38.General provisions
39.The basic gain and its computation
40.Earlier disposal to which the no gain/no loss basis applies
41.Modifications of TCGA 1992
42.Losses
43.Special rules for certain existing holdings
CHAPTER 6 DEDUCTION OF OFFSHORE INCOME GAINS IN COMPUTING CHARGEABLE GAINS
44.Ambit of this Chapter
45.Treatment of the TCGA disposal: general rules
46.Modification of section 162 of TCGA 1992
47.Application of section 128 of TCGA 1992
CHAPTER 7 THE CONVERSION OF A NON-REPORTING FUND INTO A REPORTING FUND
48.Consequences of conversion for participants
PART 3 REPORTING FUNDS AND THE TREATMENT OF PARTICIPANTS IN REPORTING FUNDS
49.Structure of this Part
50.Meaning of “reporting fund”
CHAPTER 2 ENTRY INTO THE REPORTING FUND REGIME
Applications for this Part to apply
51.Who may make an application
52.Conversion of non-reporting fund into reporting fund
53.Contents of an application
54.Form, timing and withdrawal of application
Procedure on applications
55.Response by HMRC to application
56.Appeal against rejection of application
CHAPTER 3 THE GENERAL DUTIES OF REPORTING FUNDS
57.Effects of entry into the reporting fund regime
58.General duties of reporting funds
CHAPTER 4 THE PREPARATION OF ACCOUNTS
59.Accounts to be prepared in accordance with acceptable accounting policy
60.Change in accounting policy
61.Change in accounting practice to a generally accepted accounting practice
CHAPTER 5 THE COMPUTATION OF REPORTABLE INCOME
62.Duty to provide computation
63.Computation of reportable income: general
64.Treatment of capital items following IMA SORP
65.Treatment of other capital items
66.Effective interest income or comparable amounts
67.Income from wholly-owned subsidiaries
68.Income from other reporting funds
69.Income from non-reporting funds: first case
70.Income from non-reporting funds: second case
71.Income from non-reporting funds if first case ceases to apply
Adjustments for equalisation arrangements
72.Treatment of reporting funds operating equalisation arrangements
CHAPTER 6 TRANSACTIONS BY CERTAIN REPORTING FUNDS WHICH ARE NOT TREATED AS TRADING
Conditions to be met by reporting funds for this Chapter to apply
74.The equivalence condition
75.The genuine diversity of ownership condition
76.The genuine diversity of ownership condition: further provisions
Clearances in relation to the equivalence and genuine diversity of ownership conditions
77.Who may apply for clearance
78.Procedure for obtaining clearance
79.Circumstances in which clearance may not be relied upon
Investment transactions carried out by diversely owned funds
80.Treatment of investment transactions carried out by diversely owned funds
81.Meaning of “investment transaction”
82.Meaning of “relevant contract”: general
83.Meaning of “relevant contract”: options
84.Meaning of “relevant contract”: futures
85.Options and futures: further provisions
86.Meaning of “relevant contract”: contracts for differences
87.Interpretation of regulation 81(c)
88.Meaning of “units in a collective investment scheme”
89.Meaning of “transaction in a carbon emission trading product”
CHAPTER 7 REPORTS TO PARTICIPANTS
90.Report to participants for a reporting period
91.Meaning of “reporting period”
92.Contents of report to participants
93.Lengthy periods of account where full information not available
CHAPTER 8 THE TAX TREATMENT OF PARTICIPANTS IN REPORTING FUNDS
Tax treatment of the reported income of the fund in the hands of participants
94.Reported income: general provisions
95.Participants chargeable to income tax: corporate funds
96.Participants chargeable to income tax: other non-transparent funds
97.Participants chargeable to income tax: transparent funds
98.Participants chargeable to corporation tax
Disposals and deemed disposals of interests
99.Disposals of interests
100.Deemed disposals of interests
Charitable companies and charitable trusts
101.Special provisions applying to charitable companies and charitable trusts
102.Treatment of financial traders if conditions specified in regulation 73 are met
103.Amounts brought into account in computing trading profits or losses of financial traders
104.Interests not within regulation 103
105.Meaning of “financial trader”
CHAPTER 9 THE PROVISION OF INFORMATION TO HMRC
106.Reporting requirements
107.Information obligations of reporting funds
CHAPTER 10 BREACHES OF REPORTING FUND REQUIREMENTS
108.Types of breaches
109.Consequences of minor breaches
110.Differences between reported income and reportable income
111.Provision of report that is incorrect or incomplete
112.Cases where information is not provided
113.Serious breaches
114.Consequences of serious breaches
115.Appeal against exclusion from the reporting fund regime
CHAPTER 11 LEAVING THE REPORTING FUND REGIME
116.Termination by notice given by reporting fund
117.Reporting fund not complying with requirements
CHAPTER 12 CONSTANT NAV FUNDS
118.Meaning of “constant NAV fund”
Modified application of this Part
119.General
120.Modified application of Chapter 2
121.Modified application of Chapter 3
122.Disapplication of Chapters 4 to 9
123.Modified application of Chapter 10
124.Disapplication of Chapter 11
125.Amendment of the Inheritance Tax Act 1984
126.Amendment of ICTA
127.Amendment of TCGA 1992
128.Amendment of ITTOIA 2005
129.Amendment of ITA 2007
130.Amendment of FA 2008
131.Amendment of CTA 2009
1.In this Schedule— “distributing fund” means a fund which, immediately...
2.(1) This paragraph applies in the case of an existing...
3.(1) This paragraph applies in the case of an existing...
4.(1) This paragraph applies in the case of an existing...
5.(1) This paragraph applies in the case of an existing...
6.(1) This paragraph applies in the case of an existing...
7.(1) This paragraph applies in the case of an arrangement...
PART 1 Abbreviations of Acts
PART 2 Index of expressions defined or otherwise explained in these Regulations