Make a Reserved Investor Fund notification to HMRC
Tell HMRC if you are entering a scheme into the Reserved Investor Fund regime, notify us of changes, and prepare accounting period information.
The Reserved Investor Fund is a UK-based unauthorised contractual scheme for co-ownership schemes which meet the qualifying conditions.
The Reserved Investor Fund is available to professional and institutional investors.
The rules setting out qualifying conditions and the situations where you must notify us are set out in the Co-ownership Contractual Schemes (Tax) Regulations 2025.
To operate as a Reserved Investor Fund, you will need to make:
- an entry notification up to 3 months after starting to operate as a Reserved Investor Fund
- a return of information within 6 months after the end of each accounting period
You may also need to tell us if other events occur, such as breaches of qualifying conditions.
Enter the Reserved Investor Fund regime
If you meet the qualifying conditions on the date that your scheme starts to operate as a Reserved Investor Fund, you can enter the regime by making an entry notification.
How to complete an entry notification
- Download and save .
- Open it using the latest free version of Adobe Reader.
- Complete it on-screen.
The form may not work if you try to open it in your internet browser. If the form does not open, contact online services support for more help.
HMRC will update this page when we replace PDF notifications with a fully accessible online form.
Where to send the entry notification
Email the notification form to cisc.sheffield@hmrc.gov.uk (include ‘RIF’ in the subject line).
If you cannot email the form, print it and post it to:
Collective Investment Schemes Centre (CISC)
Wealthy/Mid-size Business Compliance
HM Revenue & Customs
BX9 1HT
Make other notifications
You need to make a notification when the scheme exits the regime, changes its structure or changes how it meets the qualifying conditions, including when the scheme:
- chooses to exit the regime
- breaches one or more of the qualifying conditions and stops being a Reserved Investor Fund
- has been treating the ownership requirement as met, but no longer expects to meet this requirement in the initial period
- has been treating the UK property rich condition as met, but no longer expects to meet this condition in the initial period
- no longer expects to rectify a breach of the ownership requirement within 9 months of the breach
- no longer expects to rectify a breach of the restriction requirement within 9 months of the breach
- changes the restriction condition it is relying on to meet the restriction requirement for the scheme
- is an umbrella scheme that establishes a new sub-scheme or winds up an existing sub-scheme
How to complete another notification
- Download and save .
- Open it using the latest free version of Adobe Reader.
- Complete it on-screen.
The form may not work if you try to open it in your internet browser. If the form does not open, contact online services support for more help.
HMRC will update this page when we replace PDF notifications with a fully accessible online form.
Where to send the notification
Email the notification form to cisc.sheffield@hmrc.gov.uk (include ‘RIF’ in the subject line).
If you cannot email the form, print it and post it to:
Collective Investment Schemes Centre (CISC)
Wealthy/Mid-size Business Compliance
HM Revenue & Customs
BX9 1HT
Accounting period information
HMRC will update this page when we publish the form needed to send the accounting period information.
You will need to provide the following information within 6 months after the end of each accounting period:
- names and addresses of all participants in the scheme
- the number and classes of units held in the scheme by each participant at the end of the accounting period
- the amount of income per unit for each class
- the restriction conditions met by the Reserved Investor Fund during the accounting period
- the date of deemed disposals of units in the Reserved Investor Fund, if the fund used to rely on the UK property rich condition but now meets the non-UK property assets condition
- details of any breaches of the ownership requirement or restriction requirement
- for Reserved Investor Funds that either met or were treated as meeting the UK property rich condition, information relating to the disposal of assets and units during the time that they met this condition
- for Reserved Investor Funds that met the exempt investor condition, confirmation that all participants are exempt from tax on gains and that the operator has taken reasonable steps to monitor this exemption
- for Reserved Investor Funds which stop meeting the UK property rich condition due to the disposal of assets to wind up the scheme, confirmation that the scheme is to be treated as continuing to meet this condition, and the expected date when the winding up period will end
If you cannot use a PDF for accessibility reasons
Contact us if you cannot use a PDF for accessibility reasons and need to notify us a different way.
cisc.sheffield@hmrc.gov.uk (include ‘RIF’ in the subject line)
Collective Investment Schemes Centre (CISC)
Wealthy/Mid-size Business Compliance
HM Revenue & Customs
BX9 1HT
Telephone: 03000 536 118
Monday to Friday, 10am to 4pm
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