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Pre-Budget Report
16 December 2008
The Government is today announcing further steps in its modernisation of the tax regime for offshore funds.
In October 2007, the Government published a discussion paper on the taxation of offshore funds. A summary of responses to that discussion paper and draft regulations were published earlier this year. The Government is grateful for the comments received from interested parties to those papers.
The paper published today sets out the Government's further proposals and includes draft legislation for a new definition of an offshore fund as well as updated draft regulations on the modernisation of the regime. The Government welcomes industry's view on this paper and the draft legislation by Wednesday 11 February 2009.
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