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HMRC internal manual

Offshore Funds Manual

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HM Revenue & Customs
Updated
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Reporting funds: provision of information to HMRC: reporting requirements - Regulation 106

OFM22200 provides an overview of the duties that offshore funds have once they have been approved as a reporting fund. One of those duties is that a reporting fund must provide the following to HMRC within six months of the end of each period of account -

(a) its audited accounts (see OFM23000 onwards);

(b) its computation of its reportable income for the period of account based on its audited accounts (see OFM24000 onwards);

(c) a copy of the report made available to UK investors for each reporting period falling within the period of account (including, for each reporting period, the information specified in regulation 92(1) - see OFM26200);

(d) the reported income of the fund for each reporting period falling within the period of account;

(e) the amount actually distributed to participants in respect of each reporting period falling within the period of account;

(f) the number of units in the fund in issue at the end of each reporting period falling within the period of account;

(g) the amount of the reported income per unit of interest in the fund in respect of each reporting period falling within the period of account;

(h) a declaration confirming that the fund has complied with the obligations specified in regulations 53 (contents of an application - see OFM21300) and 58 (general duties of reporting funds - see OFM22200).

The above information should be sent to -

HMRC
Collective Investment Schemes Centre (CISC)
1st Floor South
Concept House
5 Young Street
Sheffield
S1 4LB

(See OFM01000 for a list of contacts at CISC if you need to speak to someone regarding provision of information to HMRC.)

Unaudited accounts

HMRC will accept unaudited accounts for a period of account if they are satisfied that, in relation to that period:

  • It would be unreasonable to provide audited accounts, and
  • There is no reason to believe that the unaudited accounts cannot be relied upon for the purposes of calculating reportable income.

Accounts not prepared in English

Where accounts have not been prepared in English, the fund is requested to provide HMRC with:

  • The full set of audited accounts in the main language of the fund
  • An English translation of the full set of financial statements incorporated within the accounts (e.g statement of operations (at umbrella level and sub-fund level where presented separately), statement of changes to net assets, cash-flow statements etc.)
  • An English translation of all notes to those financial statements that are relevant for the sub-funds which contain reporting classes (including any general accounting policy notes)
  • An English translation of the manager’s reports and investment strategy commentary which provides a summary of activities of the relevant sub-funds during the period.
  • A declaration that all information pertaining to the sub-funds with reporting share classes has been duly provided in English.