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IFM02440 | Leaving the Funds Investing in Non-Reporting Offshore Funds (FINROF) regime

From HM Revenue & Customs · Investment Funds Manual

Under regulation 85Z9 of SI 2006/964, An AIF may elect to leave the FINROF regime provided:

  • It specifies a date from which it will leave the FINROF regime, which is no more than 3 months after the date of the election;

  • It no longer met the investment condition (see IFM02420) both on the date of the election and on the specified date;

  • It had been a FINROF for at least one complete accounting period; and

  • It has obtained any necessary regulatory approval.

The AIF must notify all its investors that it is no longer a FINROF within 3 months of the date it left the regime (regulation 85Z10). There are penalties for failure to notify investors.