Regulation 89D Adjustment in relation to income from non-reporting funds: first caseF1

(1)

This regulation applies if—

(a)

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

(b)

the transparent 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

(c)

the transparent reporting fund can reasonably expect 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 89C applies as if the transparent reporting fund were TRF and the non-reporting fund were RF.

(4)

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

Annotations

Textual amendments

F1: Pt. 3 Ch. 6A inserted (with effect in accordance with reg. 1(2) of the amending S.I.) by The Offshore Funds (Tax) (Amendment) Regulations 2011 (S.I. 2011/1211), regs. 1(1), 24