Assessments to tax under the offshore fund legislation are made on UK investors. The making of an assessment may mean that no application for certification of the fund has been made, alternatively it may mean that an application has been made and refused.

An assessment may not be appealed on the ground that the fund should have been certified as a distributing fund for the account period in question (ICTA 1988, Sch. 27, para. 17). Provided, however, that no application for certification has already been made and refused, a procedure is laid down whereby the recipient of a tax assessment may set in motion an application for certification (ICTA 1988, Sch. 27, para. 18).

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