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The Offshore Funds (Tax) Regulations 2009

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This is the original version (as it was originally made).

Modified application of Chapter 3
This section has no associated Explanatory Memorandum

121.—(1) Chapter 3 applies with the following modifications.

(2) For regulation 57 substitute—

“Effects of entry into the reporting fund regime

57A.—(1) Unless HMRC reject an application because an item specified in regulation 53(1) has not been supplied, the offshore fund becomes a constant NAV fund on whichever is the later of—

(a)the first day of the first period of account mentioned in regulation 53(1)(a), or

(b)the day on which the fund is established.

(2) This Part applies to the constant NAV fund and to its participants on and after the date specified in paragraph (1).

(3) Once this Part has begun to apply to a constant NAV fund, it shall continue to apply unless and until the fund notifies HMRC that it has ceased to be a constant NAV fund.

(4) See regulation 108A for the consequences where the net asset value of the fund has risen by more than an insignificant amount and the fund has not notified HMRC that it has ceased to be a constant NAV fund.”.

(3) Regulation 58 does not apply.

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