# The Offshore Funds (Tax) Regulations 2009, Regulation 57: Effects of entry into the reporting fund regime


(1) If HMRC accept an application, the offshore fund becomes a reporting fund on whichever is the later of—
(a) the first day of the first period of account mentioned in regulation 53(1)(a), or
(b) the day on which the fund is established.
(2) This Part applies to the fund and to its participants on and after the date specified in paragraph (1).
(3) Once this Part has begun to apply to a fund, it shall continue to apply unless and until it ceases to apply in accordance with Chapter 11 of this Part.

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Source: https://www.legislation.gov.uk/ukdsi/2009/9780111486313/regulation/57 (the official version)
Page: https://openlegislation.uk/draft-offshore-funds-tax-regulations-2009/regulation-57
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.