PART 3REPORTING FUNDS AND THE TREATMENT OF PARTICIPANTS IN REPORTING FUNDS
F1CHAPTER 6ATRANSPARENT REPORTING FUNDS
Adjustment in relation to income from non-reporting funds: first case89D
1
This regulation applies if—
a
a transparent reporting fund has an interest in a non-reporting fund, and
b
the conditions in paragraph (2) are met for a period of account.
2
The conditions are that—
a
the transparent reporting fund has access to the accounts of the non-reporting fund;
b
the transparent reporting fund has sufficient information about the non-reporting fund to enable it to prepare a computation of reportable income for the non-reporting fund; and
c
the transparent reporting fund can reasonably expect to rely on continued access to that information for the period in which it will hold the investment in the non-reporting fund.
3
Regulation 89C applies as if the transparent reporting fund were TRF and the non-reporting fund were RF.
4
For the purposes of the computation mentioned in paragraph (2)(b), regulation 80 applies if (and only if) the non-reporting fund is a UCITS fund.
Pt. 3 Ch. 6A 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), 24