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HMRC internal manual

Offshore Funds Manual

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 HMRC’s website. The list (PDF 21KB) 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.