Regulation 31 Amendment to regulation 54 (form, timing and withdrawal of application)I1

In regulation 54 (form, timing and withdrawal of application)^f1 for paragraphs (2) and (3) substitute—

“(2)

The application must be received by HMRC^f2 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The application may be withdrawn—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.”.