92.—(1) [F2In the case of reporting funds which are not transparent funds,] the report to participants for a reporting period must include the following information—
(a)the amount actually distributed to participants per unit of interest in the fund in respect of the reporting period;
[F3(b)the amount per unit of any excess treated as additional distributions made to participants in the fund in respect of the reporting period; ]
(c)the dates on which distributions were made;
(d)the fund distribution date (see regulation 94(4));
(e)a statement whether or not the fund remains a reporting fund at the date the fund makes the report available.
[F4(f)if the fund operates full equalisation arrangements and has not given a statement under regulation 50A(b)(i), the equalisation amount per unit of interest in the fund in relation to any interest acquired by way of initial purchase in the reporting period.]
(2) In these Regulations the “reported income” of a reporting fund for a reporting period means the reportable income of the fund for the reporting period, computed by or on behalf of the fund, and provided, in the report for the reporting period, to the participants in the fund.
(3) For the purposes of paragraph (1)—
[F5(a)the amount in paragraph (b) is the amount of any excess specified in regulation 94(1) divided by the number of units in the fund in issue at the end of the reporting period.]
[F6(b)the amount actually distributed to participants per unit of interest in the fund in respect of the reporting period must be computed at the time the distribution is made,
(ba)subject to paragraphs (3A) and (3B), the fund may chose to calculate the equalisation amount per unit of interest in the fund either on the basis of—
(i)the sum of all the equalisation amounts in relation to all acquisitions by way of initial purchase in the reporting period divided by the total number of units acquired by way of initial purchase in the period, or
(ii)the equalisation amount in relation to the acquisition by the participant to whom the report is made available divided by the number of units acquired on that acquisition, and]
(c)the amount per unit of interest in the fund must be expressed to at least four decimal places of a pound (or other currency unit) of value per unit.
[F7(3A) A fund cannot change the basis for calculating the equalisation amount per unit of interest in the fund more than once in three successive reporting periods.
(3B) In any reporting period all reports to participants must use the same basis for calculating the equalisation amount per unit of interest in the fund .]
(4) If the amount of the reported income per unit of interest in the fund for the reporting period is equal to, or less than, the amount actually distributed to participants per unit of interest in the fund in respect of the reporting period, the amount to be stated for the purposes of paragraph (1)(b) is nil.
(5) This regulation is subject to regulation 93.
Textual Amendments
F1Words in reg. 92 heading 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), 25(2)
F2Words in reg. 92(1) 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), 25(3)
F3Reg. 92(1)(b) substituted (28.6.2013) by The Offshore Funds (Tax) (Amendment No. 2) Regulations 2013 (S.I. 2013/1411), regs. 1(1), 7(a)(i) (with reg. 1(3)(4))
F4Reg. 92(1)(f) 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), 10(2)
F5Reg. 92(3)(a) substituted (28.6.2013) by The Offshore Funds (Tax) (Amendment No. 2) Regulations 2013 (S.I. 2013/1411), regs. 1(1), 7(b) (with reg. 1(3)(4))
F6Reg. 92(3)(a)-(ba) substituted for reg. 92(3)(a)-(b) (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), 10(3)
F7Reg. 92(3A)(3B) 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), 10(4)