Effects of entry into the reporting fund regimeU.K.
57.—(1) If HMRC accept an application, the offshore fund becomes a reporting fund on whichever is the later of—
(a)the first day of the first period of account mentioned in regulation 53(1)(a), or
(b)the day on which the fund is established.
[F1This paragraph and paragraphs (2) and (3) are subject to paragraph (4).]
(2) This Part applies to the fund and to its participants on and after the date specified in paragraph (1).
(3) Once this Part has begun to apply to a fund, it shall continue to apply unless and until it ceases to apply in accordance with Chapter 11 of this Part.
[F2(4) Where an application has been withdrawn under regulation 54(3)(b), the fund and its participants shall be treated as if the fund had never been a reporting fund.]
Textual Amendments
F1Words in reg. 57(1) inserted (with effect in accordance with reg. 1(2) of the amending S.I.) by The Offshore Funds (Tax) (Amendment) Regulations 2011 (S.I. 2011/1211), regs. 1(1), 32(2)
F2Reg. 57(4) inserted (with effect in accordance with reg. 1(2) of the amending S.I.) by The Offshore Funds (Tax) (Amendment) Regulations 2011 (S.I. 2011/1211), regs. 1(1), 32(3)