Regulation 18 | The charge to tax: further provisions

(1)The offshore income gain arising is treated for all the purposes of the Tax Acts as income which arises at the time of the disposal to the person making the disposal (or treated as making the disposal).

(2)The tax is charged on the person making the disposal (or treated as making the disposal).

(3)In the case of a person chargeable to income tax, tax is charged under Chapter 8 of Part 5 of ITTOIA 2005 (miscellaneous income: income not otherwise charged) for the year of assessment in which the disposal is made, but sections 688(1) and 689 of ITTOIA 2005 (income charged and person liable) do not apply.

(4)In the case of a person chargeable to corporation tax, tax is charged under Chapter 8 of Part 10 of CTA 2009 (miscellaneous income: income not otherwise charged) for the accounting period in which the disposal is made.

(5)Paragraph (1) is subject to—

(a)regulation 19 (income treated as arising under regulation 17: remittance basis);

(b)regulation 20(1) (offshore income gain arising to non-resident trustees not treated as income of settlor);

(c)Repealed^F1

(d)regulation 24(6) (application of section 13 of TCGA 1992).

(6)Nothing in regulation 17 of these Regulations applies to—^F2

(a)an authorised investment fund to which regulation 14ZB, 14ZD(1) or Part 6A of the Authorised Investment Fund (Tax) Regulations 2006 applies, ...^F2F3

(b)an investment trust company to which regulation 43 or 45 of the Investment Trust (Approved Company) (Tax) Regulations 2011 apply , or^F2F4

(c)the trustees of an exempt unauthorised unit trust to which regulations 22 or 23 of the Unauthorised Unit Trusts (Tax) Regulations 2013 applies.^F2F4