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Regulation 63 of SI 2009/3001

The starting point for calculating the reportable income of a reporting fund for a period of account is, in the case of a fund using International Accounting Standards, the 鈥榯otal comprehensive income for the period鈥� as expressed in IAS1, or alternatively for a fund not using IAS, an equivalent amount.

An 鈥榚quivalent amount鈥� means the amount specified in the fund鈥檚 application as 鈥榯otal comprehensive income for the period鈥� and agreed by HMRC as being equivalent. For example, in the case of a fund using UK GAAP it will be the 鈥渢otal return before distributions鈥� of the fund (see paragraph 3.33 of the Investment Association鈥檚 Statement of Recognised Practice (the Investment Association SORP - see IFM12526 for a definition of 鈥淚nvestment Association SORP鈥�).

See gov.uk for details of acceptable GAAPs.

Any adjustments to the starting point in reaching the figure for reportable income should only be made once, regardless of whether such an adjustment could fall to be made under more than one part of the Regulations, and where the result of the final calculation is negative then reportable income is taken to be nil.

The adjustments to be made to the starting figure in order to reach the figure for reportable income are explained in the following pages.