Regulation 69 Income from non-reporting funds: first case

(1)

This regulation applies if—

(a)

a reporting fund has an interest in a non-reporting fund, and

(b)

the conditions in paragraph (2) are met for a period of account.

(2)

The conditions are that—

(a)

the main purpose or one of the main purposes of the investment in the non-reporting fund is not the deferral or avoidance of United Kingdom tax;

(b)

the reporting fund has access to the accounts of the non-reporting fund;

(c)

the reporting fund has sufficient information about the non-reporting fund to enable it to prepare a computation of reportable income for the non-reporting fund; and

(d)

the reporting fund can reasonably expect to be able to rely on continued access to that information for the period in which it will hold the investment in the non-reporting fund.

(3)

Regulation 68 applies as if the reporting fund were RF1 and the non-reporting fund were RF2.

(4)

For the purposes of the computation mentioned in paragraph (2)(c), regulation 80 applies if (and only if) the non-reporting fund is a UCITS fund.