Regulation 55 | Response by HMRC to application

(1)Within 28 days beginning with the day on which HMRC receive the application, HMRC must give notice to the person who made the application—

(a)accepting the application,

(b)rejecting the application, or

(c)asking for further information in order to consider the application.

(2)HMRC must not accept an application if any item mentioned in regulation 53 is not supplied.

(3)HMRC must not accept an application if they consider that there will be a significant difference, in computing reportable income (see Chapter 5 or 6A), between—^F1

(a)the result given by the use of international accounting standards, and

(b)the result given by the use of the accounting practice specified in the application and by the use of the entries in the fund's accounts, specified in the application, that are considered to equate to “total comprehensive income for the period” as that expression is used in international accounting standards (see regulation 63).

(3A)Where the fund intends to make income adjustments on the basis of accounting income (see regulation 53(1)(l)), HMRC must not accept an application if they do not consider that it is reasonable to expect that the difference between the amount of reportable income per unit calculated using this method and the amount of reportable income per unit calculated on the basis of reportable income will be 10% or less of the latter of those amounts.^F2F3

(4)Paragraph (5) applies if—

(a)HMRC have given notice under paragraph (1)(c), and

(b)the person who made the application provides further information within a period of 28 days beginning with the day on which HMRC ask for further information, or within such longer period as is agreed by HMRC.

(5)Within 28 days beginning with the day on which HMRC receive the further information, HMRC must give notice to the person who made the application—

(a)accepting the application, or

(b)rejecting the application.