Commentary

B5.727 Transitional provisions

Business tax
Business tax | Commentary

B5.727 Transitional provisions

Business tax | Commentary

B5.727 Transitional provisions

Where an existing fund1 becomes a non-reporting fund on 1 December 2009, a participant is treated as having an interest in a non-reporting fund at the beginning of the accounting period in which the 1 December 2009 falls2. Any offshore income gain arising to a person on the disposal of an asset must be computed in accordance with the regulations relating to non-reporting funds but the whole period of ownership of the asset must be taken into account3.

An existing fund, or, from 27 May 2011, the person who is assessed in respect of a gain of that fund , may apply to be treated as a distributing fund4 for the period of account overlapping 1 December 2009, and if successful may apply to continue

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