PART 3REPORTING FUNDS AND THE TREATMENT OF PARTICIPANTS IN REPORTING FUNDS
CHAPTER 1PRELIMINARY PROVISIONS
Structure F2and application of this Part49
1
The structure of this Part is as follows—
a
this Chapter contains preliminary provisions;
b
Chapter 2 deals with entry into the reporting fund regime;
c
Chapter 3 deals with the general duties of reporting funds;
d
Chapter 4 deals with the preparation of accounts;
e
Chapter 5 deals with the computation of reportable income;
f
Chapter 6 deals with transactions by certain reporting funds which are not treated as trading;
F4fa
Chapter 6A deals with transparent reporting funds;
g
Chapter 7 deals with reports to participants;
h
Chapter 8 deals with the tax treatment of participants in reporting funds;
i
Chapter 9 deals with the provision of information to HMRC;
j
Chapter 10 deals with breaches of reporting fund requirements;
k
Chapter 11 deals with leaving the reporting fund regime;
l
Chapter 12 deals with constant NAV funds.
2
This Part contains provisions applying to—
a
funds that are not constant NAV funds (see Chapters 2 to 11), F5...
F6aa
transparent reporting funds (see Chapter 6A), and
b
constant NAV funds (see Chapter 12).
F33
Chapters 4 to 6 do not apply to transparent reporting funds.
Meaning of “reporting fund”50
In these Regulations a “reporting fund” means an offshore fund to which this Part applies for a period of account.
F1Meaning of “equalisation arrangements”, “full equalisation arrangements” and “equalisation amount”50A
For the purposes of this Part—
a
a reporting fund operates equalisation arrangements if it has given a statement under regulation 53(1)(h) that it intends to operate such arrangements;
b
a reporting fund operates full equalisation arrangements if in relation to any interest acquired by way of initial purchase in the reporting period—
i
the equalisation amount included in the consideration for the purchase is specified by the fund in a statement in writing to the participant making the acquisition, or
ii
the equalisation amount per unit of interest in the fund is included in the report made available in accordance with regulation 90;
c
“equalisation amount” has the meaning given in regulation 72(2).