The Offshore Funds (Tax) (Amendment No. 3) Regulations 2013, SI 2013/1770 come into force on 7 August 2013. The regulations take effect for income tax purposes from 2013-14. SI 2013/1770 amends the Offshore Funds (Tax) Regulations 2009, SI 2009/3001 (the principal regulations). The effect of the amendments is to disapply the duty to withhold tax on annual payments made to non-resident participants in offshore funds where certain conditions are met. The regulations also set out the consequences where an annual payment is made gross (i.e. without deduction of tax) due to a mistaken but reasonable belief that a participant (who...