Beta This part of GOV.UK is being rebuilt – find out what this means

HMRC internal manual

Offshore Funds Manual

HM Revenue & Customs
, see all updates

Reporting funds: application for reporting fund status: conversion from a non-reporting fund - Regulation 52

The manager of a non-reporting fund may apply on the fund’s behalf for it to become a reporting fund provided that either it has never been a reporting fund or, if it has been, that it gave notice under regulation 116 (‘Termination by notice given by reporting fund’) that it was leaving the regime.

The term ‘existing fund’ in regulation 52(2) takes its meaning from regulation 51(3) rather than the meaning within para 3 of Schedule 1 to the regulations. The practical difference is that if a fund did not have reporting fund status (or distributing fund status under the transitional rules in para 3 of Schedule 1) for any period prior to applying to be a reporting fund then an application would be made under regulation 52, rather than regulation 51.

Note that if a notice under regulation 116 was previously given but regulation 117 applied so as to treat the fund as having been excluded by HMRC under regulation 114 (because the fund had failed to comply with the requirements of the offshore funds regulations) then the fund cannot reapply

It follows that a fund also cannot apply to be a reporting fund if it has previously been excluded from being a reporting fund as a result of a notice given by HMRC under regulation 114 (‘Consequences of serious breaches’).