Taxation of Chargeable Gains Act 1992 section 103B

Application of section 99B to transparent funds

Section 103B ensures that the rules for calculating the disposal cost of accumulation units also apply to interests held in offshore transparent funds that are not unit trust schemes.

• Transparent offshore funds that are not unit trust schemes are treated as if they were unit trust schemes for the purposes of calculating disposal costs of accumulation units.
• Interests held in such transparent funds are treated as units in a unit trust scheme, and participants are treated as unit holders.
• A "transparent fund" is defined by reference to the Offshore Funds (Tax) Regulations 2009 (regulation 11).
• These rules apply to distributions and disposals made on or after 27 May 2011.

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