Finance (No. 2) Act 2017
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Change 1
42 Co-ownership authorised contractual schemes: offshore funds
(1) The Treasury may by regulations make provision about how participants in a co-ownership authorised contractual scheme are to be treated for income tax purposes or corporation tax purposes in relation to investments made for the purposes of the scheme in an offshore fund. (2) Regulations under subsection (1) may, among other things, make provision— (a) for the operator of a co-ownership authorised contractual scheme to allocate to participants in the scheme amounts relating to investments made for the purposes of the scheme in an offshore fund; (b) for those amounts to be regarded as income of the participants to whom they are allocated; (c) as to when that income is to be brought into account for income tax purposes or corporation tax purposes. (3) Regulations under this section may— (a) modify an enactment (whenever passed or made); (b) contain consequential, supplementary and transitional provision. (4) Regulations under this section must be made by statutory instrument. (5) A statutory instrument containing regulations under this section is subject to annulment in pursuance of a resolution of the House of Commons. (6) References in this section to investments made for the purposes of a co-ownership authorised contractual scheme in an offshore fund include investments so made through one or more other co-ownership authorised contractual schemes. (7) In this section— “co-ownership authorised contractual scheme” means a co-ownership scheme which is authorised for the purposes of the Financial Services and Markets Act 2000 by an authorisation order in force under section 261D(1) of that Act; “co-ownership scheme” has the same meaning as in Part 17 of that Act (see section 235A(2) of that Act); “offshore fund” has the meaning given by section 355 of TIOPA 2010; “operator”, in relation to a co-ownership authorised contractual scheme, has the meaning given by section 237(2) of the Financial Services and Markets Act 2000; “participant”, in relation to such a scheme, is to be read in accordance with section 235 of that Act.
42 Co-ownership authorised contractual schemes: offshore funds
(1) The Treasury may by regulations make provision about how participants in a co-ownership authorised contractual scheme are to be treated for income tax purposes or corporation tax purposes in relation to investments made for the purposes of the scheme in an offshore fund. (2) Regulations under subsection (1) may, among other things, make provision— (a) for the operator of a co-ownership authorised contractual scheme to allocate to participants in the scheme amounts relating to investments made for the purposes of the scheme in an offshore fund; (b) for those amounts to be regarded as income of the participants to whom they are allocated; (c) as to when that income is to be brought into account for income tax purposes or corporation tax purposes. (3) Regulations under this section may— (a) modify an enactment (whenever passed or made); (b) contain consequential, supplementary and transitional provision. (4) Regulations under this section must be made by statutory instrument. (5) A statutory instrument containing regulations under this section is subject to annulment in pursuance of a resolution of the House of Commons. (6) References in this section to investments made for the purposes of a co-ownership authorised contractual scheme in an offshore fund include investments so made through one or more other co-ownership authorised contractual schemes. (7) In this section— “co-ownership authorised contractual scheme” means a co-ownership scheme which is authorised for the purposes of the Financial Services and Markets Act 2000 by an authorisation order in force under section 261D(1) of that Act; “co-ownership scheme” has the same meaning as in Part 17 of that Act (see section 235A(2) of that Act); “offshore fund” has the meaning given by section 355 of TIOPA 2010; “operator”, in relation to a co-ownership authorised contractual scheme, has the meaning given by section 237(2) of the Financial Services and Markets Act 2000; “participant”, in relation to such a scheme, is to be read in accordance with section 235 of that Act.
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