SCHEDULE 26 Offshore Funds
Finance Act 2004 (2004 c 12) | Legislation

SCHEDULE 26 Offshore Funds

Section 145

Computation of UK equivalent profits: creditor relationships

1

(1)     . . .

(2)     Paragraph 3 of Schedule 10 to the Finance Act 1996 (c 8) (assumptions to be made in relation to creditor relationships) shall cease to have effect.

(3)     In relation to a fund established on or before the day on which this Act is passed, this paragraph only has effect if an election that it should have effect has been made by or on behalf of the fund.

(4)     Any such election—

(a)     must be made by notice to an officer of the Board, in such form and within such time as the Board may determine, and

(b)     is irrevocable.

(5)     For the purpose of determining the United Kingdom equivalent profits of an offshore fund for the first account period of the fund in relation to which this paragraph has effect—

(a)     any profits, gains or losses arising from a creditor relationship that were taken into account in determining the United Kingdom equivalent profits of the fund for the preceding account period shall be disregarded, and

(b)     any profits, gains or losses arising from a creditor relationship that—

(i)     arose

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