The Offshore Funds (Tax) Regulations 2009 No. 3001

PART 2 U.K. THE TREATMENT OF PARTICIPANTS IN NON-REPORTING FUNDS

CHAPTER 5 U.K. OFFSHORE INCOME GAINS AND THE COMPUTATION OF OFFSHORE INCOME GAINS

General provisions U.K.

38.—(1) An offshore income gain arises to a person on the disposal of an asset if a basic gain arises on the disposal.

(2) The disposal gives rise to an offshore income gain of an amount equal to the basic gain on the disposal.

(3) The following provisions of this Chapter explain how the basic gain is computed.