The obligation to compute reportable income is not only a duty in its own right; it also forms part of the duties to report information to participants and to HMRC and is recognised in the application process (see ¶783-340 for the duties of a reporting fund and ¶783-300 for the application process). A reporting fund must compute its reportable income in accordance with the rules at the Offshore Funds (Tax) Regulations 2009 (SI 2009/3001), Pt. 3, Ch. 5 and 6. Special rules apply with regard to transparent reporting funds with effect from 27 May 2011 (see ¶783-500).

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