IFM06210 - Tax elected funds (TEFs): application process and effects of entry to the TEF regime: introduction

This section covers the process for entry into the TEF regime.

1. The application needs to be made in writing to HMRC by the manager of an existing authorised investment fund (AIF) or proposed manager of a future fund, confirming to HMRC that all the conditions of entry apply. A TEF can voluntarily leave the TEF regime at any time but is unable to re-join for 6 years following the cessation – see IFM06220.
2. An application from an authorised investment fund should be received within certain time limits. See IFM06230. This page also explains the approval process and how minor errors and omissions will be dealt with by HMRC.
3. The contents of an application are set out at IFM06240.
4. HMRC will issue a refusal notice if the application is incorrect or incomplete or if HMRC is not satisfied that all the conditions of entry have been or will be met – see IFM06250.
5. The effects of entry to the TEF regime are set out in IFM06260.