PART 3REPORTING FUNDS AND THE TREATMENT OF PARTICIPANTS IN REPORTING FUNDS

F1CHAPTER 2AAMENDMENT TO APPLICATION FOR THIS PART TO APPLY

Annotations:
Amendments (Textual)
F1

Pt. 3 Ch. 2A inserted (with effect in accordance with reg. 1(2) of the amending S.I.) by The Offshore Funds (Tax) (Amendment) Regulations 2011 (S.I. 2011/1211), regs. 1(1), 8

Amending a statement relating to equalisation56A

1

The manager of a reporting fund may apply to amend any statement under regulation 53(1)(h) to (l) in relation to a reporting period and subsequent reporting periods by application in writing to HMRC before the end of the first reporting period in relation to which the amendment is to have effect.

2

Paragraphs (4) to (8) do not apply in relation to an application to amend a statement under regulation 53(1)(h) and (i) or under regulation 53(1)(i) if the amendment sought is that the fund intends to operate full equalisation arrangements.

3

An application to which paragraph (2) applies must be accepted by HMRC within 28 days beginning with the day on which HMRC receive the application.

4

An application under paragraph (1) must specify—

a

the reason for the application,

b

the amendment sought to the statement, and

c

the first reporting period in which the amendment is to apply.

5

Within 28 days beginning with the day on which HMRC receive the application, HMRC must give notice to the manager—

a

accepting the application,

b

rejecting the application, or

c

asking for further information in order to consider the application.

6

HMRC must not accept an application if—

a

they consider the application is made for reasons other than commercial or administrative reasons, or

b

an application was accepted under this regulation in relation to either of the previous two reporting periods.

7

Paragraph (8) applies if—

a

HMRC have given notice under paragraph (5)(c), and

b

the manager provides further information within a period of 28 days beginning with the day on which HMRC ask for further information or within such longer period as is agreed by HMRC.

8

Within 28 days beginning with the day on which HMRC receive the further information, HMRC must give notice to the manager—

a

accepting the application, or

b

rejecting the application.