VAT: Offshore funds
HMRC has listed GAAPs that it will accept in respect of applications for 'reporting fund' status made by offshore funds within FA 2008 s 40A(2). The list comprises the 'generally accepted accounting practice' of the UK the United States Canada Ireland and Luxembourg. 'Further GAAPs may be added as applications are received from funds wishing to prepare accounts using GAAPs that do not yet appear on this list ' HMRC said. Guidance on the reporting funds regime is contained a draft HMRC Offshore Funds Manual available via www.lexisurl.com/gikc1.
