Investment Funds Manual

IFM09745 - Administrative requirements: Provision of information to HMRC: accounting period information to be reported

Regulation 37 specifies the accounting period information which a Reserved Investor Fund must provide for each accounting period, together with administrative data such as scheme name, the Unique Tax Reference (UTR), address and accounting dates as is set out on the relevant Gov.uk page.

Table 1 below summarises the accounting period information that RIF operators must provide for each accounting period. Table 2 and Table 3 summarise such further information that is required depending on the restriction condition met by the RIF.

Table 1 – General information to be provided

Accounting period information	Further explanation
Name and address of all participants in the scheme or sub-scheme (Reg 37(2)(a))	RIF operators must provide this information by uploading, completing and submitting the Participants and units template.
Number and classes of units held in the scheme by each participant at the end of the accounting period (Reg 37(2)(b))
Amount of income per unit for each class (Reg 37(2)(c))
Confirmation of any restriction condition met during the accounting period (Reg 37(2)(d))
Date of any deemed disposal as a result of a change in Restriction condition where scheme ceases to be UK Property rich and meets non asset condition (Reg 37(3))
Confirmation if the ownership and/or restriction conditions were breached in the accounting period (Reg 37(4)(a)) and the date on which each breach occurred (Reg 37(4)(b)); if the breach was rectified, the date it was rectified (Reg 37(4)(c)) and the date of any deemed disposal (Reg 37(4)(d))	The accounting period information requires details of which one or more of the restriction conditions are met by the scheme but only one needs to be met in order to satisfy the restriction requirement. HMRC does not expect RIF operators to provide information about an additional restriction condition being met where it does not know, and is not required to know, that the additional condition is met.

Table 2 - Further information to be provided, if the UK property rich condition applies

Accounting period information	Further explanation
Number of units disposed of by each participant (Reg 37(5)(c)(i))	RIF operators must provide this information by uploading, completing and submitting the UK property rich template or UK property rich umbrella template (as applicable).
Value of the disposals made by each participant (if available) (Reg 37(5)(c)(ii))
The net gain or net loss on the disposals made by each participant (if available) (Reg 37(5)(c)(iii))	RIF operators are asked to include calculations of gains and losses computed in accordance with Part 2, TCGA 1992 in the property rich template. If this information is not available, the operator should retain evidence of why this is not available and provide any related information that is available.
Confirmation when the winding up exemption applies and date that winding up period expected to end (Reg 37(7))
Total value of assets disposed of by the RIF (Reg 37(5)(a))
The net gain or net loss from those disposals (Reg 37(5)(b))	Any gains or losses must be computed in accordance with Part 2, TCGA 1992.

Table 3 - Further information to be provided, if the exempt investor condition applies

Accounting period information	Further explanation
Confirmation all the participants are exempt from tax on gains (Reg 37(6)(a))
Confirmation that operator has taken reasonable steps to monitor the exemption (Reg 37(6)(b))	Operators should retain evidence of the steps taken to monitor whether participants meet the exempt investor condition. The appropriate steps will depend on the facts but may include obtaining and periodically reviewing confirmations or other evidence of participants’ exempt status.