IFM12432 - Offshore Funds: Reporting funds: duties of reporting funds: effect of entry into reporting fund regime

Regulation 57 of SI 2009/3001

Once HMRC has accepted an application, an offshore fund becomes a reporting fund on whichever is the later of:

  • the first day of the first period of account for which it is proposed the fund should be a reporting fund: or
  • the day on which the fund is established (may be later where there is a delay in setting up an offshore fund, and the application was made in respect of a prospective reporting fund).

Part 3 of the regulations (鈥楻eporting funds and the treatment of participants in reporting funds鈥�) applies to the fund and to its UK investors from the date that HMRC accepts an application, and will continue to apply unless and until the fund provides a valid notice that it wishes to leave the reporting fund regime (under regulation 116 - see IFM12800) or it is excluded by HMRC (in accordance with regulation 114 - see IFM12734).

If a fund applies to become a reporting fund, then withdraws its application within 28 days (see IFM12424) the fund and participants are treated as if the fund had never been a reporting fund.