PART 3REPORTING FUNDS AND THE TREATMENT OF PARTICIPANTS IN REPORTING FUNDS

CHAPTER 2ENTRY INTO THE REPORTING FUND REGIME

Applications for this Part to apply

Form, timing and withdrawal of application54

1

An application must be made in writing to HMRC.

F12

The application must be received by HMRC before the later of—

a

the end of the first period of account for which it is proposed that this Part should apply to the fund, and

b

the expiry of a period of 3 months beginning with 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The application may be withdrawn—

a

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 on the day on which HMRC give notice under regulation 55(1) or (5), or

b

at any later time, but before the end of the first reporting period, if HMRC are satisfied that the fund is not in breach of the requirements imposed by Part 3.

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The application must be withdrawn—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).