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HMRC Publishes Draft Changes To Offshore Funds Regulations,
by Jason Gorringe, Tax-News.com, London
Tuesday, May 20, 2008
Her Majesty's Revenue and Customs (HMRC) on Friday published a set of partial
draft regulations regarding changes to offshore funds regulations for comment,
and to show the intended use of the powers in clauses 38 and 39 of the Finance
Bill 2008.
In October 2007, the Government published a discussion paper setting out its
proposals for modernising the offshore funds tax regime.
The partial draft regulations are intended to give effect to the policy set
out in those documents, and HM Revenue & Customs has stated that it welcomes
comments on this set of partial draft regulations, in particular whether the
draft regulations achieve the policy intentions as set out in HMT’s publications.
The UK tax regime for offshore funds was introduced in 1984.
Broadly, its purpose was to establish the tax treatment of activities that
seek to use certain offshore funds to convert income flows into capital gains.
Prior to its introduction, a UK investor could accumulate income in an offshore
fund, and, when the investment was realised, be subject only to tax on capital
gains rather than having to pay tax on income.
In contrast a combination of regulatory and tax rules meant that UK investors
had to pay tax annually on income from UK funds. The purpose of the regime remains
the same.
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