Interests in offshore non-reporting funds: generalU.K.
42.—(1) Regulation 43 applies if—
(a)an investment trust disposes of an asset which is an interest in a non-reporting fund (“the asset”), and
(b)the conditions in paragraph (2) are satisfied for the period starting with the date on which the investment trust acquired the asset and ending with the day of the disposal.
(2) The conditions are that—
(a)the investment trust has access to the accounts of the non-reporting fund,
(b)the investment trust had sufficient information about the non-reporting fund referred to in paragraph (1)(a) to enable it to prepare computations of reportable income for the non-reporting fund for every accounting period which, if the non-reporting fund were a reporting fund, would be a reporting period ending within the period mentioned in paragraph (1)(b),
(c)the investment trust has prepared such computations, and
(d)any excess of the investment trust's share of the reportable income of the non-reporting fund over the investment trust's share of the distributions made by the non-reporting fund is included in the amount available for distribution by the investment trust for each accounting period of the investment trust which falls within the period mentioned in paragraph (1)(b).
(3) An investment trust has an interest in a non-reporting fund if and to the extent that it has an interest in such a fund for the purposes of the Offshore Funds Regulations.
(4) For the purposes of the computations mentioned in paragraph (2)(b), regulation 80 (treatment of investment transactions carried out by diversely owned funds) of the Offshore Funds Regulations applies if (and only if) the non-reporting fund is a UCITS fund.
(5) In this regulation, “UCITS fund” has the same meaning as in regulation 12 (general interpretation) of the Offshore Funds Regulations M1 and “reporting period” has the same meaning as in regulation 91 (meaning of “reporting period”) of those Regulations.
Marginal Citations
M1Regulation 12 was amended by S.I. 2011/1121.