IFM14320 - Form and contents of application (regulations 6 – 9 of SI 2011/2999)

Applications must be made in writing to HMRC and should be sent to the Collective Investment Schemes Centre. The application must be received by HMRC before the expiry of a period of 90 days beginning with the last day of the first accounting period for which approval is sought.

Applications must be made in English and supporting documents (if not in English) must be accompanied by a translation into English. They must include the following:

  • the date of the first day of the first accounting period for which approval is sought;
  • a statement that the company meets, or is expected to meet
    • the eligibility conditions at CTA2010/S1158 (see IFM14422 onwards);
    • the requirements of the Regulations (see IFM14430 onwards); and
    • an undertaking to continue to do so for each subsequent accounting period for which the company wishes to be approved as an investment trust;
  • evidence to show that the shares making up the applicant’s ordinary share capital (or, if there are such shares of more than one class, those of each class) are admitted to trading on a regulated market (as required by CTA2010/S1158(3); and
  • a copy of the company’s current published investment policy.

If at the time of application the company has not yet commenced an accounting period then it must specify a provisional date and, as soon as reasonably practicable, confirm the first day of its first accounting period in writing to HMRC.

If at the time of application the company’s ordinary shares are not admitted to trading on a regulated market then the application must include a copy of the company’s prospectus instead of its current published investment policy. If the company’s prospectus has not been published as at the date of the application, then the latest draft can be provided, so long as the final, published version is provided to HRMC as soon as reasonably practicable.

If there are any subsequent changes to the company’s investment policy then the company must notify HMRC of those changes (see IFM14450).

The company must also explain what steps it will take to ensure that it meets or is deemed to have met the eligibility condition at CTA2010/S1158(3) by the first day from which approval is sought. The company must provide evidence that it has met that condition within 60 days from the date the shares are so admitted (or by such later date as HMRC might agree where it is reasonable to do so).