Special rules apply where financial traders hold interests in diversely owned funds (the Offshore Funds (Tax) Regulations 2009 (SI 2009/3001), reg. 102–105). Where the rules apply, financial traders are required to bring certain amounts into account in respect of their holdings. However, exceptions apply including where the investment forms part of the trader's stock.

Meaning of ‘financial trader’

A financial trader is a person who is carrying on a business which is (SI 2009/3001, reg. 105(1) and (2)):

a banking business;

an insurance business (other than a life assurance business carried on by an insurance company); or

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