The Offshore Funds (Tax) Regulations 2009 No. 3001

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

CHAPTER 2 ENTRY INTO THE REPORTING FUND REGIME

Applications for this Part to apply

Form, timing and withdrawal of application

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 the first day of the first period of account for which it is proposed that this Part should apply to the fund.

(3) The application may be withdrawn at any time during a period beginning with the day the application is made and ending on the expiry of a period of 28 days beginning with the day on which HMRC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(4) The application must be withdrawn—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).