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The Offshore Funds (Tax) Regulations 2009

Changes over time for: Section 54

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Version Superseded: 27/05/2011

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Form, timing and withdrawal of applicationU.K.
This section has no associated Explanatory Memorandum

54.—(1) An application must be made in writing to HMRC.

(2) The application must be received by HMRC before the expiry of a period of three months beginning with [F1the last of—

(a)the first day of the first period of account for which it is proposed that this Part should apply to the fund,

(b)the day on which the first interests in the fund are issued to participants, and

(c)in the case of an existing fund (as defined in Schedule 1), the first day on which interests in the fund are made available to investors resident in the United Kingdom.]

(3) The application may be withdrawn at any time during a period beginning with the day the application is made and ending on the expiry of a period of 28 days beginning with the day on which HMRC give notice under regulation 55(1).

(4) The application must be withdrawn—

(a)by the manager (in the case of an existing fund application), or

(b)by the applicant (in the case of a future fund application).

Textual Amendments

F1Words in reg. 54(2) substituted (with effect in accordance with reg. 1(2) of the amending S.I.) by The Offshore Funds (Tax) (Amendment) Regulations 2009 (S.I. 2009/3139), regs. 1(1), 3

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