IFM13414 - Offshore Funds: participants in offshore funds: the charge to tax on disposal of an interest in a non-reporting fund: the charge to tax: income tax

Regulation 18 of SI 2009/3001 - Participants within the charge to income tax

Offshore income gains are charged to tax as miscellaneous income under Chapter 8 of Part 5 of ITTOIA 2005 for the year of assessment in which the disposal is made, but sections 688(1) and 689 of ITTOIA do not apply (regulation 18(3)).

Regulation 19 - Offshore income gains: remittance basis

Where an individual is not domiciled in the United Kingdom and the remittance basis applies to the individual for a tax year (see guidance in the Residence, Domicile and Remittance Basis Manual at RDRM3000 onwards.) then the amount of any offshore income gain arising in that tax year is treated as relevant foreign income of the individual (Chapter 2 Part 8 ITTOIA).

In a case where the individual is the beneficiary of a non-resident settlement and an offshore income gain arises to the trustees of the settlement then different rules apply - see IFM13420.