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Reporting fund status applications & annual obligations

Offshore funds’ compliance with the requirements of the UK’s Reporting Fund Tax regime increases the attractiveness of fund interests to UK-resident individuals.

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    Reporting fund status applications & annual obligations


    Offshore funds’ compliance with the requirements of the UK’s Reporting Fund Tax regime increases the attractiveness of fund interests to UK-resident individuals.

    A product range designed with end-users’ needs in mind is the hallmark of most successful businesses. Conversely, in an investment management context, an inability to grow Assets Under Management (AUM) is one of the key factors behind the closure of many firms. Under the regime, UK individuals’ gains on redemption of interests in offshore funds are taxed at the capital gains rate (currently 20%), rather than at income tax rates (currently up to 45%).

    By offering UK-resident individuals – through offshore funds that comply with the requirements of the Reporting Fund regime – the opportunity to enjoy gains that are taxed at lower rates than would otherwise be applicable, fund managers improve the appeal of their fund range to existing and potential UK-resident individual investors and improve their chances of success.

    How we can help

    Wheelhouse Advisors’ UK tax experts can help you to achieve this with our Reporting Fund Tax Services, which include:

    Application to access the regime

    • Review of your fund structure and strategy, including the status of the fund and its portfolio investments, for the purposes of the regime.
    • Assessment and advice on the relevance of the regime to your fund.
    • Corresponding with the UK tax authorities (Her Majesty’s Revenue & Customs – HMRC) to make sure that your application to enter the regime is accepted.

    Annual reporting fund obligations

    • Preparation of annual Reporting Fund tax computations.
    • Preparation of Annual Investor Summaries to help investors complete personal tax returns.
    • Timely submission of Reporting Fund computations and Annual Investor Summaries to HMRC.

    Sutharman Kanagarajah

    Head of Tax

    Get in touch

    Email us info@wheelhouse-advisors.com
    Call us on +44 (0)20 3404 0440

    Why Wheelhouse?

    We support your business in the way that suits your requirements best. We will work with you to scope a project and relationship based on your needs, not the other way around. We will provide you with access to prudential expertise that will help you identify, assess and document major sources of change driven by the IFPR and manage them going forward. Our consultants advise you on how to best prepare for the new Investment Firm Prudential Regime and assist with the ongoing obligations that result from it.

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