SCHEDULES

SCHEDULE 22U.K.Offshore funds

Part 2U.K.Application of TCGA 1992 to offshore funds

Consequential provisionU.K.

11(1)In TMA 1970, in—U.K.

(a)section 25(9) (issuing houses, stockbrokers, auctioneers, etc), and

(b)section 28(2) (non-resident companies and trusts),

after “sections 99” insert “ , 103A ”.

[F1(2)In section 1165 of CTA 2010—

(a)in subsection (1) for “section 99 of TCGA 1992 (application of that Act to unit trust schemes)” substitute “ sections 99 and 103A of TCGA 1992 (application of that Act to unit trust schemes and to certain offshore funds) ”, and

(b)in subsection (3) for “section 99 of TCGA 1992” substitute “ sections 99 and 103A of TCGA 1992 ”.]

(3)In ITTOIA 2005—

(a)in section 149(4) (taxation of amounts taken to reserves), at the end of paragraph (b) (before the “and”) insert—

“(ba)rights of participants in certain offshore funds to which TCGA 1992 applies as a result of section 103A of TCGA 1992,”, and

(b)in section 150(8) (conversion etc of securities held as circulating capital), after paragraph (c) insert—

“(ca)rights of participants in certain offshore funds to which TCGA 1992 applies as a result of section 103A of TCGA 1992,”.

(4)In section 834(5) of the Companies Act 2006 (investment company: condition as to holdings in other companies), in the definition of “company” and “shares”, after “sections 99” insert “ , 103A ”.

F2(5). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .