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    HMRC releases draft changes to offshore tax rules

    HMRC releases draft changes to offshore tax rules

    HMRC last Friday published partial draft regulations regarding changes to offshore funds regulations

    Author Date published May 20, 2008 Categories

    HM
    Revenue & Customs     (HMRC) on Friday released partial draft regulations on
    changes to offshore funds regulations for comment, and to reveal the intended
    use of the powers in clauses 38 and 39 of the Finance Bill 2008.

    The partial draft regulations are aimed to action the policy set out in the
    discussion paper released last October on modernising the offshore funds tax
    regime.

    HMRC is seeking comments on the proposed regulations, particularly on whether
    the draft regulations achieve the policy intentions detailed in Trerasury’s
    publications, Tax-News.com reports.

    Before the introduction of the UK tax regime for offshore funds in 1984, a UK
    investor could accumulate income in an offshore fund, and, when the investment
    was realised, only pay tax on capital gains rather than income.

    Further reading:

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    the Tax-News.com story

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