Reporting offshore funds—application and entry
Produced in partnership with Michael Alliston
Reporting offshore funds—application and entry

The following Tax guidance note Produced in partnership with Michael Alliston provides comprehensive and up to date legal information covering:

  • Reporting offshore funds—application and entry
  • Application, entry into the regime and clearances
  • Eligibility and applications to obtain reporting fund status
  • Effect of entry into reporting fund regime
  • Clearances
  • Constant NAV funds

This Practice Note describes how to apply for reporting offshore fund status, the effect of entering the reporting fund regime and the process for obtaining clearance from HM Revenue and Customs (HMRC) in respect of whether the fund in question satisfies certain requirements. A 'reporting fund' is a offshore fund within the meaning of section 355(1) of the Taxation (International and Other Provisions) Act 2010 that has applied for and been approved as a reporting fund, and that has not voluntarily left the reporting fund regime or been excluded by HMRC under the Offshore Funds (Tax) Regulations 2009 (the Regulations).

Application, entry into the regime and clearances

This Practice Note describes:

  1. the eligibility requirements for, and the process of applying for, reporting fund status

  2. the effect of entry into the reporting fund regime

  3. the process for obtaining clearance in respect of certain requirements to be a reporting fund, and

  4. the modification of the rules for constant net asset value (NAV) funds

Eligibility and applications to obtain reporting fund status

When considering when and how to submit an application for reporting fund status, it is important to address some key issues, including:

  1. who can apply

  2. whether the fund is converting from a non-reporting fund

  3. the precise requirements for the contents of the application

  4. the form, timing and rules on the