747C Return on acquisition of material interest

Where in a chargeable period a person acquires an interest in an offshore fund, the person is treated as being a chargeable person (whether or not the person is otherwise so treated) and is obliged to give details of the interest acquired in the return of income required to be made in respect of that chargeable period. The details required are —

• the name and address of the offshore fund,
• a description (to include the cost) of the interest acquired, and
• the name and address of the person through whom the interest was acquired.

Relevant Date: Finance Act 2021