Regulation 61 | Change in accounting practice to a generally accepted accounting practice

(1)This regulation applies if—

(a)there is a change of accounting practice in drawing up a reporting fund's accounts from the earlier period to the later period, and

(b)the fund prepares accounts for the later period in accordance with a generally accepted accounting practice.

(2)If the accounts for the later period are not prepared in accordance with international accounting standards, the offshore fund must give notice to HMRC—

(a)applying for approval of the generally accepted accounting practice, and

(b)providing the statement mentioned in regulation 53(1)(d).

(3)If the accounts for the later period are prepared in accordance with international accounting standards, the offshore fund must give notice to HMRC.

(4)Within 28 days beginning with the day on which HMRC receive an application under paragraph (2), HMRC must give notice to the offshore fund—

(a)accepting the application, or

(b)rejecting the application.

(5)If HMRC reject an application, the offshore fund may appeal.

(6)The notice of appeal must be given to HMRC within a period of 42 days beginning with the day on which the notice rejecting the application is given.

(7)On an appeal, the tribunal may uphold or quash the rejection of the application.