IFM12410 | Offshore Funds: Reporting funds: introduction

A ‘reporting fund’ is an offshore fund within the meaning of section 355(1) TIOPA 2010 that has applied for and been approved as a reporting fund, and that has not voluntarily left the reporting fund regime (regulation 116) or been excluded by HMRC (regulation 114).

There is a list of funds that come within the definition of an offshore fund and that have successfully applied for reporting fund status on gov.uk. The list is updated on a monthly basis.

This part of the guidance sets out -

• how a fund can enter the reporting funds regime;

• what reporting funds must provide to HMRC and to their investors;

• how reporting funds should compute their reportable income;

• how breaches of the reporting fund conditions are dealt with;

• what happens when a fund leaves the reporting funds regime; and

• the tax treatment of participants in reporting funds.