Textual Amendments
F1Pt. 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
56A.—(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.]