IFM12424 - Offshore Funds: Reporting funds: application for reporting fund status: form, timing and withdrawal of the application

Regulation 54 of SI 2009/3001

All applications must be made in writing to HMRC, and should be addressed to HMRC’s Collective Investment Schemes Centre (‘CISC’).

All applications must be in English, and supporting documents (if not in English) must be accompanied by a translation into English (but see IFM12423 where ‘long’ and ‘short’ versions of prospectuses are issued to investors).

CISC’s webpages include a pro-forma application form (CISC1) and checklist. Whilst not mandatory, it is recommended that these are used to ensure that applications are dealt with as quickly and efficiently as possible.

All applications must be received by HMRC before the later of -

• the end of the first period of account for which the application is being made for the fund to be treated as a reporting fund; and
• the expiry of a period of 3 months beginning with the first day on which interests in the fund were made available to investors resident in the United Kingdom.

An application may be withdrawn (by the person entitled to make the application) at any time:

• during a period beginning on the day the application is made and ending on the expiry of a period of 28 days from the day on which HMRC respond, or
• at any later time before the end of the first reporting period, if HMRC are satisfied that the fund is not in breach of the reporting fund regulations.