Offshore Funds legislation
HMRC have released draft regulations which will change the tax treatment for investors in offshore funds. This follows an announcement made in the 2009 Budget that regulations would be made and that the new rules would come into effect on 1 December 2009.
HMRC are publishing the draft regulations now to provide advance warning to the industry and industry advisers. The draft regulations, subject to final technical and legal checks, will be laid before the House of Commons. It is expected that HMRC will publish draft guidance shortly.