116.—(1) If a reporting fund gives a notice under this regulation specifying a day (the “specified day”) at the end of which this Part is to cease to apply to the fund, this Part shall cease to apply to the fund at the end of that day.
(2) The specified day must be the last day of a period of account of the reporting fund.
(3) A notice under paragraph (1) must be given in writing to HMRC before the specified day.
(4) If the fund gives a notice under paragraph (1), the fund must also make the notice available to each participant before the specified day.
(5) Paragraphs (2) to (4) of regulation 90 apply to determine whether the notice is made available to a participant in the same way as they apply to determine whether a report for a reporting period is made available to a participant.
(6) This regulation is subject to regulation 117.
117.—(1) This regulation applies if—
(a)a reporting fund gives a notice under regulation 116, and
(b)the fund has not complied with all requirements imposed in this Part for all periods during which it was a reporting fund.
(2) For the purposes of these Regulations the fund is treated as a fund to which regulation 114 has applied and not as a fund to which regulation 116 has applied.