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HMRC internal manual

Offshore Funds Manual

From
HM Revenue & Customs
Updated
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Reporting funds: duties of reporting funds: general - Regulation 58

On being approved as an offshore fund, a fund has to meet certain obligations to both its UK investors and HMRC to continue to be approved as a reporting fund for each reporting period.

In particular, reporting funds are required to -

  • prepare accounts in accordance with the requirements of Chapter 4 (except in the case of transparent reporting funds) of Part 3 of the regulations (see OFM23000 onwards);
  • provide a computation of their reported income in accordance with the requirements of Chapter 5 (or 6A as the case may be) of Part 3 of the regulations (see OFM24000 onwards);
  • provide reports to participants in accordance with the requirements of Chapter 7 of Part 3 of the regulations (see OFM26000 onwards); and
  • provide information to HMRC in accordance with the requirements of Chapter 9 of Part 3 of the regulations (see OFM28000 onwards).

Amendments to the offshore funds regulations in 2011 (SI2011/1211) provided for an exception to prepare accounts in accordance with the specific requirements of chapter 4 in respect of reporting funds which are transparent funds (see regulation 49(3) although audited accounts as prepared must still normally be supplied with the report to HMRC (regulation 106(1) and (3)).