
1 

(1) These Regulations may be cited as the Offshore Funds (Tax) (Amendment) Regulations 2013 and shall come into force at 3 p.m. on 20th March 2013.
(2) These Regulations have effect in relation to disposals made on or after that date.
2 

(1) The Offshore Funds (Tax) Regulations 2009 are amended as follows.
(2) In regulation 17 (the charge to tax), after paragraph (3) insert—“
(3A) Where the asset is an interest in a reporting fund acquired in consequence of an arrangement to which section 135 (exchange of securities for those in another company treated as not involving a disposal) or section 136 (scheme of reconstruction involving issue of securities treated as exchange not involving a disposal) of TCGA 1992 applied, the reporting fund referred to in sub-paragraph (b) of condition B is the fund that was company A for the purposes of either of those sections and the interest referred to in sub-paragraph (c) of condition B is the interest in that fund.”
Stephen Crabb
Anne Milton
Two of the Lords Commissioners of Her Majesty’s Treasury
19th March 2013