IFM12426 - Offshore Funds: Reporting funds: application for reporting fund status: rejections of application - appeals
Regulation 56 of SI 2009/3001
If HMRC rejects an application, the person who made the application can appeal to the First-tier Tribunal within a period of 42 days beginning with the day on which a notice rejecting the application was given.
»Ê¹ÚÌåÓýapp Tribunal may either uphold or quash the rejection of the application. If the tribunal quashes the rejection of the application, the fund will be treated as a reporting fund as if HMRC had accepted the application in the form in which it was considered by the Tribunal.