IFM12410 - Offshore Funds: Reporting funds: introduction
A ‘reporting fund’ is an offshore fund within the meaning of section 355(1) TIOPA 2010 that has applied for and been approved as a reporting fund, and that has not voluntarily left the reporting fund regime (regulation 116) or been excluded by HMRC (regulation 114).
There is a list of funds that come within the definition of an offshore fund and that have successfully applied for reporting fund status on gov.uk. The list is updated on a monthly basis.
This part of the guidance sets out -
- how a fund can enter the reporting funds regime;
- what reporting funds must provide to HMRC and to their investors;
- how reporting funds should compute their reportable income;
- how breaches of the reporting fund conditions are dealt with;
- what happens when a fund leaves the reporting funds regime; and
- the tax treatment of participants in reporting funds.