The Offshore Funds (Tax) Regulations 2009 No. 3001

PART 3 U.K. REPORTING FUNDS AND THE TREATMENT OF PARTICIPANTS IN REPORTING FUNDS

CHAPTER 12 U.K. CONSTANT NAV FUNDS

Modified application of this Part U.K.

Modified application of Chapter 2 U.K.

120.—(1) Chapter 2 applies with the following modifications.

(2) In regulation 53 for paragraph (1) substitute—

“(1) An application must include the following—

(a) a statement of the first period of account for which it is proposed that the fund should be treated as a constant NAV fund for the purposes of these Regulations,

(b) a statement that the fund is, or will be, a constant NAV fund at the beginning of that first period of account, and

(c) an undertaking to notify HMRC if the offshore fund ceases to be a constant NAV fund.”.

(3) Regulations 55 and 56 do not apply.