Finance (No. 2) Bill

New Clause 5

Offshore income gains

“(1) In the Offshore Funds (Tax) Regulations 2009 (S.I. 2009/3001)—

(a) in regulation 20 (application to gains of non-resident settlements), omit paragraphs (2) to (5);

(b) in regulation 21 (application of transfer of assets abroad provisions), omit paragraphs (4) to (6).

(2) In consequence of the amendments made by subsection (1)—

(a) in section 734 of ITA 2007 (reduction in amount charged: previous capital gains tax charge), in subsection (5), omit “20 and”;

(b) in Schedule 7 to FA 2008 (remittance basis), omit paragraphs 100 to 102;

(c) in the Offshore Funds (Tax) Regulations 2009—

(i) in regulation 18 (charge to tax on disposal of asset: further provisions), in paragraph (5), omit sub-paragraph (c);

(ii) in regulation 19 (income treated as arising under regulation 17: remittance basis), omit paragraph (5);

(iii) omit regulation 130 (amendments of FA 2008);

(iv) in Part 2 of Schedule 3 (index of defined expressions), omit the entry for “OIG amount”;

(d) in Schedule 10 to FA 2025 (temporary repatriation facility)—

(i) in paragraph 3(7), for “paragraphs 4 and 5” substitute “paragraph 5”;

(ii) in paragraph 3(9), for “paragraphs 4 and 5” substitute “paragraph 5”;

(iii) omit paragraph 4;

(iv) in paragraph 5(7), for “paragraphs 3 and 4” substitute “paragraph 3”;