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The Offshore Funds (Tax) Regulations 2009
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- UK Statutory Instruments
- 2009 No. 3001
- PART 3
- CHAPTER 7
- Regulation 92B
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Changes over time for: Section 92B
Version Superseded: 28/06/2013
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- 27/05/2011- Amendment
- 27/05/2011
Point in time - 28/06/2013- Amendment
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[F1Funds which do not operate equalisation arrangements: income adjustments on the basis of accounting incomeU.K.
This section has no associated Explanatory Memorandum
92B.—(1) This regulation applies if a reporting fund does not operate equalisation arrangements and the fund has given a statement under regulation 53(1)(k) that it intends to make income adjustments in a reporting period on the basis of accounting income.
(2) The reported income per unit of the fund for a reporting period is calculated as follows—
where—
AIU is the sum of the accounting income per unit for all the computation periods in the reporting period,
RI is the reported income of the fund for the reporting period, and
AI is the sum of accounting income for all the computation periods in the reporting period.
This is subject to paragraphs (4) and (5).
(3) The accounting income per unit for a computation period is calculated by dividing accounting income for the computation period by the average number of units in the fund in issue during the computation period.
(4) Where RI is zero the reported income per unit of the fund for a reporting period is zero.
(5) Where the difference in the amount of reported income per unit calculated using this method and the amount of reported income per unit calculated on the basis of reported income is or is likely to be more than 10% of the latter of those amounts—
(a)the fund must make income adjustments in that and future reporting periods on the basis of reported income, and
(b)the manager must give notice to HMRC of the change in the method of income adjustment with the information provided to HMRC in relation to that period under regulation 106 (reporting requirements).
(6) In this Part “accounting income” means an amount proportionally related to the reportable income of the fund determined from the interim or management accounts of the fund, but this amount must not be less than zero.]
Textual Amendments
F1Regs. 92A-92C 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), 11
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