Capital gains tax rules are applied in determining who is chargeable to tax under the offshore fund legislation. Under ICTA 1988, s. 761(2), (3), (5), (6), various sections of the Taxation of Chargeable Gains Act 1992 are given effect as they have for capital gains tax. Thus:

tax is charged on an investor who realises gains in a tax year during any part of which he is resident or ordinarily resident in the UK (TCGA 1992, s. 2(1), applied by ICTA 1988, s. 761(2));

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