»Ê¹ÚÌåÓýapp

»Ê¹ÚÌåÓýapp 2009 regime has effect for the purposes of -

• income tax for the tax year 2009-10 and subsequent tax years, and for distributions made on or after 1st December 2009; and
• for the purposes of corporation tax on income, for accounting periods ending on or after 1st December 2009.

»Ê¹ÚÌåÓýappre are some transitional rules for offshore funds relating to periods of account straddling 1 December 2009 and immediately thereafter - see IFM12150.

Once a fund that existed prior to the operative date of the 2009 regime becomes a reporting (or non-reporting) fund, then the current rules apply as explained in the overview at IFM12146 and in the detailed guidance set out later in this manual. Again, transitional rules apply - see IFM12150.