To enable UK participants to make a return of their share of a fund's reportable income, a reporting fund must make a report to each UK participant for each reporting period. Rules apply to determine the reporting period, how and when the report is to be made available to participants and the contents of the report (the Offshore Funds (Tax) Regulations 2009 (SI 2009/3001), Pt. 3, Ch. 7). With effect from 27 May 2011, special rules have applied with regard to transparent reporting funds (see ¶783-500).
Want to read more?
This content requires a Croner-i Tax and Accounting subscription.