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HMRC internal manual

Offshore Funds Manual

Reporting funds: duties of reporting funds: effect of entry into reporting fund regime - Regulation 57

Once HMRC has accepted an application, an offshore fund becomes a reporting fund on whichever is the later of the first day of the first period of account for which it is proposed the fund should be a reporting fund, or the day on which the fund is established (the latter may be later where there is a delay in setting up an offshore fund, and the application was made in respect of a prospective reporting fund).

Part 3 of the regulations (‘Reporting funds and the treatment of participants in reporting funds’) applies to the fund and to its UK investors from the date that HMRC accepts an application, and will continue to apply unless and until the fund provides a valid notice that it wishes to leave the reporting fund regime (under regulation 116 - see OFM31000) or it is excluded by HMRC (in accordance with regulation 114 - see OFM29320).

If a fund applies to become a reporting fund, then withdraws its application within 28 days (see OFM21400) the fund and participants are treated as if the fund had never been a reporting fund.