Regulation 128 | Amendment of ITTOIA 2005

(1)ITTOIA 2005 is amended as follows.

(2)In section 378A(7) , (offshore fund distributions), in the definition of “offshore fund”, for “Chapter 5 of Part 17 of ICTA (see sections 756A to 756C of that Act)” substitute “ section 40A of FA 2008 ”.

(3)In section 632 (offshore income gains)—

(a)in subsection (2) for “section 761(1) of ICTA (charge to income tax of offshore income gain)” substitute “ regulation 17 of the Offshore Funds (Tax) Regulations 2009 (S.I. 2009/3001) (charge to tax) ” , and

(b)in subsection (3) for “Chapter 5 of Part 17 of ICTA (charge to income tax of offshore income gains)” substitute “ Chapter 5 of Part 2 of those Regulations ”.

(4)In section 830(4) (meaning of “relevant foreign income”) for paragraph (aa) substitute—

(aa)regulation 19 of the Offshore Funds (Tax) Regulations 2009 (S.I. 2009/3001),

.