Commentary

B5.715 Entry into reporting fund regime

Business tax
Business tax | Commentary

B5.715 Entry into reporting fund regime

Business tax | Commentary

Reporting funds

B5.715 Entry into reporting fund regime

The manager1 of an eligible offshore fund (ie one that is not a guaranteed return fund, see B5.702)2 may apply for it to be treated as a reporting fund (an existing fund application)3. An application can also be made in respect of a fund yet to be established (a future fund application)4 or a non-reporting fund which is an eligible fund and has never been a reporting fund, or which ceased to be a reporting fund after giving notice under regulation 116 (see B5.725)5. The application, which must be in English, must include the following6:

  1.  

    (a)     A statement of the first period of account for which it is proposed the regime should apply

  2.  

    (b)     an undertaking that no period of account will exceed 18 months

  3.  

    (c)     a statement of whether the accounts will be prepared in accordance with International Accounting Standards (IAS), or if not, which generally accepted accounting practice (GAAP) will be used7

  4.  

    (d)     where IAS is not to be used, details of the entries in the fund's accounts which equate to 'total comprehensive income for the period' as stated in IAS

  5.  

    (e)     where IAS is not to be used, details of how the fund will comply with SI 2009/3001, reg 66(1)(b) or calculate the adjustment in SI 2009/3001, reg 66(2) (see B5.717)

  6.  

    (f)     an undertaking to meet the requirements relating to reports to fund

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