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HMRC internal manual

Offshore Funds Manual

Reporting funds: reports to participants: long accounting periods - incomplete information - Regulation 93

Where a reporting fund has a period of account exceeding 12 months and it cannot compute its reportable income for the first 12 months (the ‘relevant reporting period’) of that period of account (as required by regulation 92), then the fund may either calculate its reportable income based on the information reasonably available to it; or apportion the income of that period of account to the two reporting periods by time (or by some other method if this can be shown to give a more ‘just and reasonable’ result).

In either case, the reported income for the second reporting period within the period of account must include all amounts not accounted for in the relevant reporting period referred to above.