An investment trust disposing of an interest in a non-reporting offshore fund on or after 1 January 2012 will not suffer a charge to tax under the Offshore Funds Tax Regulations 2009 (SI 2009/3001), reg. 17 (see ¶784-180) where, broadly:

the interest is accounted for as an interest in a reporting fund so that the conditions in the Investment Trust (Approved Company) (Tax) Regulations 2011 (SI 2011/2999), reg. 42–44 are met; or

the investment trust tracks a recognised index of listed securities so that the conditions at reg. 45 of those Regulations are met

(the Investment Trust (Approved Company) (Tax) Regulations 2011 (SI 2011/2999), reg. 1(3)).

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