PART 3REPORTING FUNDS AND THE TREATMENT OF PARTICIPANTS IN REPORTING FUNDS
CHAPTER 2ENTRY INTO THE REPORTING FUND REGIME
Applications for this Part to apply
Form, timing and withdrawal of application54
1
An application must be made in writing to HMRC.
F12
The application must be received by HMRC before the later of—
a
the end of the first period of account for which it is proposed that this Part should apply to the fund, and
b
the expiry of a period of 3 months beginning with the first day on which interests in the fund are made available to investors resident in the United Kingdom.
3
The application may be withdrawn—
a
at any time during a period beginning with the day the application is made and ending on the expiry of a period of 28 days beginning on the day on which HMRC give notice under regulation 55(1) or (5), or
b
at any later time, but before the end of the first reporting period, if HMRC are satisfied that the fund is not in breach of the requirements imposed by Part 3.
4
The application must be withdrawn—
a
by the manager (in the case of an existing fund application), or
b
by the applicant (in the case of a future fund application).