F1PART 4BTAX ELECTED FUNDS

Annotations:
Amendments (Textual)

CHAPTER 2ENTRY INTO AND MEMBERSHIP OF THE TAX ELECTED FUNDS REGIME

Application for this Part to apply

Form and timing of application under regulation 69Z4969Z50

1

An application must be made in writing to the Commissioners.

2

An existing fund application must be received by HM Revenue and Customs at least 28 days before the beginning of the specified accounting period (see regulation 69Z51(2)).

This is subject to paragraph (8).

3

A future fund application must be received by HM Revenue and Customs at least 42 days before the date the fund is expected to be established and authorisation given.

This is subject to paragraph (9).

4

Within a period of 28 days (or 14 days in the case of an application within paragraph (8) or (9)) beginning on the day on which the application is received, HM Revenue and Customs must—

a

notify the manager or applicant that the application is accepted, or

b

issue a refusal notice.

5

An application may be withdrawn or amended at any time before it is accepted—

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).

6

If an application is amended before it is accepted, regulation 69Z49 shall apply to the amended application.

7

But if HM Revenue and Customs give notice that they are satisfied that the amended application is valid, the amended application shall take effect as if made on the date of the original application.

8

An existing fund application may be received by HM Revenue and Customs at least 14 days before the beginning of the specified accounting period if—

a

HM Revenue and Customs have given clearance under regulation 9B, and

b

the manager of the authorised investment fund certifies that there have been no changes in substance between—

i

the form in which the instrument constituting the fund and its prospectus were considered by HM Revenue and Customs before giving the clearance, and

ii

the form in which it is proposed that those documents will apply at the beginning of the specified accounting period.

9

A future fund application may be received by HM Revenue and Customs at least 14 days before the proposed fund is authorised and established if—

a

HM Revenue and Customs have given clearance under regulation 9B, and

b

the applicant certifies that there have been no changes in substance between—

i

the form in which the instrument constituting the fund and its prospectus were considered by HM Revenue and Customs before giving the clearance, and

ii

the form in which it is proposed that those documents will apply at the time when the proposed fund is authorised.