Regulation 54 | Form, timing and withdrawal of application

(1)An application must be made in writing to HMRC.

(2)The application must be received by HMRC before the later of—^F1

(a)the end of the first period of account for which it is proposed that this Part should apply to the fund, and^F1

(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.^F1

(3)The application may be withdrawn—^F1

(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^F1

(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.^F1

(4)The application must be withdrawn—

(a)by the manager (in the case of an existing fund application), or

(b)by the applicant (in the case of a future fund application).