Source: http://www.legislation.gov.uk/uksi/2011/1211/made/data.xht?view=snippet&wrap=true
Timestamp: 2018-04-21 02:15:17
Document Index: 321596503

Matched Legal Cases: ['ART 4', 'art)\n22', 'art 3', 'art 2', 'art 4', 'art 4', 'art 4', 'art 4', 'art 4', 'art 4', 'art 4', 'ART 6']

The Offshore Funds (Tax) (Amendment) Regulations 2011 No. 1211 xmlns:atom="http://www.w3.org/2005/Atom"
The Treasury make the following Regulations in exercise of the powers conferred by section 354 of the Taxation (International and Other Provisions) Act 2010(1).
1.—(1) These Regulations may be cited as the Offshore Funds (Tax) (Amendment) Regulations 2011 and shall come into force on 27th May 2011.
2. The Offshore Funds (Tax) Regulations 2009(2) (“the principal Regulations”) are amended as follows.
Structure of these Regulations and interpretation
3.—(1) The structure of these Regulations is as follows—
PART 4Transparent Funds
21. This Part makes amendments in relation to transparent funds.
Amendment to regulation 49 (structure of this Part)
22.—(1) Amend regulation 49 (structure of this Part) as follows.
Amendment to regulation 58 (general duties of reporting funds)
23.—(1) Amend regulation 58 (general duties of reporting funds) as follows.
Insertion of new Chapter 6A in Part 3
24. After regulation 89 insert—
TRANSPARENT REPORTING FUNDS
89A.—(1) This Chapter explains how reportable income is computed in the case of a transparent reporting fund.
Reportable income: general
89B.—(1) A transparent reporting fund must provide a computation of its reportable income for a period of account.
Adjustment in relation to income from other reporting funds
89C.—(1) This regulation applies if a transparent reporting fund (“TRF”) has an interest in another reporting fund (“RF”).
Adjustment in relation to income from non-reporting funds: first case
89D.—(1) This regulation applies if—
Adjustment in relation to income from non-reporting funds: second case
89E.—(1) This regulation applies if a transparent reporting fund has an interest in a non-reporting fund, but the conditions in regulation 89D(2) are not met for a period of account.
25.—(1) Amend regulation 92 (contents of report to participants) as follows.
Insertion of regulation 92D (contents of reports to participants: transparent reporting funds)
26. After regulation 92C (inserted by regulation 11 of these Regulations) insert—
“Contents of reports to participants: transparent reporting funds
92D. In the case of transparent reporting funds, the report to participants for a reporting period must—
Amendment to regulation 106 (reporting requirements)
27. In regulation 106 (reporting requirements) in paragraph (1)—
Amendment to regulation 4 (classification of offshore funds)
28. In regulation 4 (classification of offshore funds) in paragraph (2)—
Amendment to regulation 12 (general interpretation)
29. In regulation 12 (general interpretation) after the definition of “prospectus” insert—
Amendment to regulation 16 (treatment of certain amounts as distributions)
30. In regulation 16 (treatment of certain amounts as distributions) in paragraph (2) for “94(2)” substitute “94(1) or (2)”.
Amendment to regulation 54 (form, timing and withdrawal of application)
31. In regulation 54 (form, timing and withdrawal of application)(7) for paragraphs (2) and (3) substitute—
Amendment to regulation 57 (effects of entry into the reporting fund regime)
32.—(1) Amend regulation 57 (effects of entry into the reporting fund regime) as follows.
Amendment to regulation 67 (income from wholly-owned subsidiaries)
33. In regulation 67 (income from wholly-owned subsidiaries) in paragraph (2)—
Amendment to regulation 68 (income from other reporting funds)
34.—(1) Amend regulation 68 (income from other reporting funds) as follows.
Insertion of new regulation 68A (index tracking funds)
35. After regulation 68 insert—
“Index tracking funds
68A.—(1) This regulation applies if—
Amendment to regulation 69 (income from non-reporting funds: first case)
36.—(1) Amend regulation 69 (income from non-reporting funds: first case) as follows.
Amendment to regulation 74 (the equivalence condition)
37.—(1) Amend regulation 74 (the equivalence condition) as follows.
Amendment to regulation 75 (the genuine diversity of ownership condition)
38.—(1) Amend regulation 75 (the genuine diversity of ownership condition) as follows.
Amendment to regulation 90 (report to participants for a reporting period)
39.—(1) Amend regulation 90 (report to participants for a reporting period) as follows.
Amendment to regulation 94 (reported income: general provisions)
40.—(1) Amend regulation 94 (reported income: general provisions) as follows.
41.—(1) Amend regulation 106 (reporting requirements) as follows.
Amendment to Schedule 1 (transitional provisions and savings)
42.—(1) In Schedule 1 (transitional provisions and savings) amend paragraph 3 as follows.
Amendment to Schedule 3 (abbreviations and defined expressions)
43.—(1) Amend Schedule 3 (abbreviations and defined expressions) as follows.
“CTA 2010 The Corporation Tax Act 2010 (c. 4)”.
(3) In Part 2 (index of expressions defined or otherwise explained in these Regulations)—
“Accounting income (in Part 4) Regulation 92B(6)
Acquisition by way of initial purchase (in Part 4) Regulation 72(4)
Computation period (in Part 4) Regulation 92C
Equalisation amount per unit of interest (in Part 4) Regulation 92(3)(ba)
Equalisation amount (in Part 4) Regulation 72(2)
Fund operating equalisation arrangements (in Part 4) Regulation 50A(a)
Fund operating full equalisation arrangements (in Part 4) Regulation 50A(b)
Regulated market Regulation 12
Transparent reporting fund Regulation 89A(2)”.
PART 6Amendments to Primary Legislation
Amendment to the Taxation of Chargeable Gains Act 1992
44.—(1) Amend the Taxation of Chargeable Gains Act 1992 as follows.
“Application of section 99B to transparent funds
103B—(1) This section applies in relation to an offshore fund which is a transparent fund but is not a unit trust scheme (“the fund”).
Amendment to the Corporation Tax Act 2009
45. In section 490 of the Corporation Tax Act 2009(17) (holdings in OEICs, unit trusts and offshore funds treated as creditor relationship rights) in subsection (7)—
S.I. 2009/3001, amended by S.I 2009/3139; there is another amending instrument but it is not relevant. These Regulations are referred to in the footnotes to these Regulations as “the principal Regulations”.
OJ No L 145, 30.4.2004, p1.
Regulation 54 has been amended by S.I. 2009/3139.
OJ No L 302, 17.11.2009, p32.
Paragraph (2A) was inserted by S.I. 2009/3139.
Paragraph (3B) was inserted by S.I. 2009/3139.
Section 103A was inserted by paragraph 8 of Schedule 22 to the Finance Act 2009 (c. 10).
“TIOPA 2010” is defined as the Taxation (International and Other Provisions) Act 2010 (c. 8) in section 288 of the Taxation of Chargeable Gains Act 1992. The definition is inserted by paragraph 319 of Schedule 8 to the Taxation (International and Other Provisions) Act 2010.