Taxation (International and Other Provisions) Act 2010 Schedule 8 Part 5

Offshore funds

Schedule 8 Part 5 (paragraphs 161–174) makes consequential amendments to various tax Acts, updating cross-references to the offshore funds provisions that have been rewritten and moved from the Finance Act 2008 into Part 8 of the Taxation (International and Other Provisions) Act 2010.

• References in the Inheritance Tax Act 1984, the Taxation of Chargeable Gains Act 1992, and the Income Tax (Trading and Other Income) Act 2005 to the offshore funds provisions formerly in the Finance Act 2008 are updated to point to the corresponding new sections in TIOPA 2010.
• The original offshore funds provisions in sections 40A to 42A of the Finance Act 2008 are repealed, as their content has been rewritten in TIOPA 2010.
• The Corporation Tax Act 2009 is amended so that the definition of "offshore fund" and related concepts now refers to sections 355 to 363 and Part 8 of TIOPA 2010 instead of the Finance Act 2008.
• A provision in Schedule 22 to the Finance Act 2009, which restricted the regulation-making power under section 41 of the Finance Act 2008, is also repealed as it is no longer needed.