UK Statutory Instrument SI 2009/3001 United Kingdom

The Offshore Funds (Tax) Regulations 2009

Read it on legislation.gov.uk (opens in a new tab)
Status
In Force
Penalty ceiling
Regulated

Does it bind you?

Business-side roles with duties under this instrument.

Any Person10

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Any Person — also bound by 2340 other Acts

What it requires

Regulations creating concrete business duties or carrying penalties, grouped as the instrument is structured. Titles link to the source text — blue means you’re leaving for legislation.gov.uk.

s.058 General duties of reporting funds Regulated
  • Your offshore reporting fund must prepare accounts, compute income, and report to participants and HMRCAny Person
s.059 Accounts to be prepared in accordance with acceptable accounting policy Regulated
  • Prepare accounts in line with acceptable accounting standardsAny Person
s.061 Change in accounting practice to a generally accepted accounting practice Regulated
  • Notify HMRC when changing to a non-IFRS accounting practiceAny Person
s.062 Duty to provide computation Regulated
  • Submit annual reportable income computation to HMRCAny Person
s.090 Report to participants for a reporting period Regulated
  • Send annual report to UK participants within 6 months of period endAny Person
s.092 Contents of report to participants: non-transparent funds Regulated
  • Include required income and distribution details in annual participant reportsAny Person
s.093 Lengthy periods of account where full information not available Regulated
  • Use reasonable estimates when reporting income from long fund periodsAny Person
s.106 Reporting requirements Regulated
  • Provide annual reports and accounts to HMRC within 6 monthsAny Person
s.107 Information obligations of reporting funds Regulated
  • Provide information to HMRC when requested about offshore fund complianceAny Person
s.110 Differences between reported income and reportable income Regulated
  • Correct discrepancies between reported and reportable income for your reporting fundAny Person
143 other provisions — procedural and definitional
s.001 Citation, commencement and effect
s.002 Structure of these Regulations
s.003 Definition of “offshore fund”
s.004 Classification of offshore funds
s.005 Treatment of umbrella arrangements
s.006 Treatment of funds comprising more than one class of interest
s.007 Meaning of “participant”
s.008 Meaning of “interest” (of a participant in an offshore fund)
s.009 Meaning of “guaranteed return fund”
s.010 Meaning of “market value”
s.011 Meaning of “transparent fund”
s.012 General interpretation
s.013 Transitional provisions and savings, repeals, abbreviations and general index
s.014 Structure of this Part
s.015 Meaning of “material disposal”
s.016 Treatment of certain amounts as distributions
s.017 The charge to tax
s.018 The charge to tax: further provisions
s.019 Income treated as arising under regulation 17: remittance basis
s.020 Application to gains of non-resident settlements
s.021 Application of transfer of assets abroad provisions
s.022 Application of certain provisions of TCGA 1992
s.023 Temporary non-residents
s.023 Regulation 23: supplementary
s.024 Application of section 13 of TCGA 1992
s.025 Exceptions from the charge
s.026 Trading stock etc.
s.027 Long-term insurance funds of insurance companies
s.028 Loans other than participating loans
s.029 Interests in transparent funds
s.030 Rights in certain existing holdings
s.031 Charitable companies and charitable trusts
s.031 Unlisted trading company exception
s.031 Unlisted trading company exception: the investment condition
s.031 Unlisted trading company exception: further provision
s.032 Application of this Chapter
s.033 Disposal of an asset: the basic rule
s.034 Provisions applicable on death
s.036 Exchanges and schemes of reconstruction
s.037 Exchange of interests of different classes
s.038 General provisions
s.039 The basic gain and its computation
s.040 Earlier disposal to which the no gain/no loss basis applies
s.041 Modifications of TCGA 1992
s.042 Losses
s.043 Special rules for certain existing holdings
s.044 Ambit of this Chapter
s.045 Treatment of the TCGA disposal: general rules
s.046 Modification of section 162 of TCGA 1992
s.047 Application of section 128 of TCGA 1992
s.048 Consequences of conversion for participants
s.049 Structure and application of this Part
s.050 Meaning of “reporting fund”
s.050 Meaning of “equalisation arrangements”, “full equalisation arrangements” and “equalisation amount”
s.051 Who may make an application
s.052 Conversion of non-reporting fund into reporting fund
s.053 Contents of an application
s.054 Form, timing and withdrawal of application
s.055 Response by HMRC to application
s.056 Appeal against rejection of application
s.056 Amending a statement relating to equalisation
s.056 Appeal against refusal of application to amend a statement
s.057 Effects of entry into the reporting fund regime
s.060 Change in accounting policy
s.063 Computation of reportable income: general
s.064 Treatment of capital items following IMA SORP
s.065 Treatment of other capital items and miscellaneous items
s.066 Effective interest income or comparable amounts
s.067 Income from wholly-owned subsidiaries
s.068 Income from other reporting funds
s.068 Index tracking funds
s.069 Income from non-reporting funds: first case
s.070 Income from non-reporting funds: second case
s.071 Income from non-reporting funds if first case ceases to apply
s.072 Treatment of reporting funds operating equalisation arrangements
s.072 Reporting Funds not operating equalisation: income adjustments based on reportable income for computation periods
s.072 Reporting Funds not operating equalisation: income adjustments based on accounting income for computation periods
s.072 Supplementary provisions: average number of units and computation period
s.073 Introductory
s.074 The equivalence condition
s.075 The genuine diversity of ownership condition
s.076 The genuine diversity of ownership condition: further provisions
s.077 Who may apply for clearance
s.078 Procedure for obtaining clearance
s.079 Circumstances in which clearance may not be relied upon
s.080 Treatment of investment transactions carried out by diversely owned funds
s.081 Meaning of “investment transaction”
s.082 Meaning of “relevant contract”: general
s.083 Meaning of “relevant contract”: options
s.084 Meaning of “relevant contract”: futures
s.085 Options and futures: further provisions
s.086 Meaning of “relevant contract”: contracts for differences
s.087 Interpretation of regulation 81(c)
s.088 Meaning of “units in a collective investment scheme”
s.089 Meaning of “transaction in a carbon emission trading product”
s.089 Transparent reporting funds
s.089 Reportable income: general
s.089 Adjustment in relation to income from other reporting funds
s.089 Adjustment in relation to income from non-reporting funds: first case
s.089 Adjustment in relation to income from non-reporting funds: second case
s.091 Meaning of “reporting period”
s.092 Funds which do not operate equalisation arrangements: income adjustments on the basis of reported income
s.092 Funds which do not operate equalisation arrangements: income adjustments on the basis of accounting income
s.092 Funds which do not operate equalisation arrangements: computation period
s.092 Contents of reports to participants: transparent reporting funds
s.094 Reported income: general provisions
s.094 Equalisation amounts not treated as distributions
s.095 Participants chargeable to income tax: corporate funds
s.096 Participants chargeable to income tax: other non-transparent funds
s.097 Participants chargeable to income tax: transparent funds
s.098 Participants chargeable to corporation tax
s.099 Disposals of interests
s.100 Deemed disposals of interests
s.101 Special provisions applying to charitable companies and charitable trusts
s.102 Treatment of financial traders if conditions specified in regulation 73 are met
s.103 Amounts brought into account in computing trading profits or losses of financial traders
s.104 Interests not within regulation 103
s.105 Meaning of “financial trader”
s.108 Types of breaches
s.109 Consequences of minor breaches
s.111 Provision of report that is incorrect or incomplete
s.112 Cases where information is not provided
s.113 Serious breaches
s.114 Consequences of serious breaches
s.115 Appeal against exclusion from the reporting fund regime
s.116 Termination by notice given by reporting fund
s.117 Reporting fund not complying with requirements
s.118 Meaning of “constant NAV fund”
s.119 General
s.120 Modified application of Chapter 2
s.121 Modified application of Chapter 3
s.122 Disapplication of Chapters 4 to 9
s.123 Modified application of Chapter 10
s.124 Disapplication of Chapter 11
s.124 Annual Payments – duty to deduct income tax
s.124 Consequences of reasonable but incorrect belief
s.125 Amendment of the Inheritance Tax Act 1984
s.126 Amendment of ICTA
s.127 Amendment of TCGA 1992
s.128 Amendment of ITTOIA 2005
s.129 Amendment of ITA 2007
s.130 Amendment of FA 2008
s.131 Amendment of CTA 2009
Schedules

Schedules

0 of 10 shown
10 other schedules
s.sch001 In this Schedule— “distributing fund” means a fund which, immediately...
s.sch001 (1) This paragraph applies in the case of an existing...
s.sch001 (1) This paragraph applies in the case of an existing...
s.sch001 In the case of a reporting fund which has an...
s.sch001 (1) This paragraph applies in the case of a distributing...
s.sch001 In the case of an exchange of an interest in...
s.sch001 (1) This paragraph applies in the case of an existing...
s.sch001 (1) This paragraph applies in the case of an existing...
s.sch001 (1) This paragraph applies in the case of an existing...
s.sch001 (1) This paragraph applies in the case of an arrangement...

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