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Finance Act 1984

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Income taxable under Case IV or Case V of Schedule D

3(1)Sub-paragraph (2) below applies if any sums which form part of the income of an offshore fund falling within paragraph (b) or paragraph (c) of subsection (1) of section 94 of this Act are of such a nature that—

(a)the holders of interests in the fund who are either companies resident in the United Kingdom or individuals domiciled and resident there—

(i)are chargeable to tax under Case IV or Case V of Schedule D in respect of such of those sums as are referable to their interests ; or

(ii)if any of that income is derived from assets within the United Kingdom, would be so chargeable had the assets been outside the United Kingdom ; and

(b)the holders of interests who are not such companies or individuals would be chargeable as mentioned in sub-paragraph (i) or sub-paragraph (ii) above if they were resident in the United Kingdom or, in the case of individuals, if they were domiciled and both resident and ordinarily resident there.

(2)To the extent that sums falling within sub-paragraph (1) above do not actually form part of a distribution complying with paragraphs 1(1)(c) and 1(1)(d) above, they shall be treated for the purposes of this Part of this Schedule—

(a)as a distribution complying with those paragraphs and made out of the income of which they form part; and

(b)as paid to the holders of the interests to which they are referable.

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