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HMRC internal manual

Company Taxation Manual

HM Revenue & Customs
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Tax elected funds (TEFs): application process and effects of entry to the TEF regime: effects of entry into the TEF regime

Once an application to join the tax elected fund (TEF) regime (see CTM48922) has been approved by HMRC, then the effects of entry are that the provisions sets out in Part 4B of SI2006/964 will apply and a new distribution period of the fund will commence, as per regulation 69Z54 SI 2006/964.

The provisions in part 4B of SI2006/964 will continue to apply to the TEF unless it voluntarily leaves the regime, there is a merger with another fund or a termination notice is issued by HMRC (see CTM48971).