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

HMRC internal manual

Offshore Funds Manual

Reporting funds: leaving the reporting fund regime: notice given by fund - Regulation 116

If a reporting fund no longer wishes to be a reporting fund it can give notice specifying a day from which the reporting fund regulations will cease to apply to the fund. Any day specified must be the last day of a period of account of the reporting fund, and the notice must be given in writing to HMRC before that ‘specified day’.

The fund must also make the notice available to each participant before the specified day (by, for example, writing to or emailing those investors, or publishing the information on a website or in a newspaper widely circulated within the UK).

Note that the requirement to notify participants is not restricted to UK residents as interests may be held on a UK investor’s behalf by an offshore trust, or the fund may have investors that are themselves offshore funds and thus need to be informed that the fund has left the reporting fund regime.

A fund that has received an exclusion notice (see OFM29320) cannot subsequently give notice itself that it wishes to leave the reporting fund regime and if such a notice is given it will not have effect, unless the fund successfully appeals against the exclusion notice (see OFM29330).