UK Reporting Fund Status

 

Background to UK Reporting Fund Status

The UK Offshore Funds Regulations came into effect on 1 December 2009 and provide that if an investor resident or ordinarily resident in the United Kingdom for taxation purposes holds an interest in an offshore fund and that offshore fund is a 'non-reporting fund', any gain accruing to that investor upon the sale or other disposal of that interest will be charged to United Kingdom tax as income rather than a capital gain. Alternatively, where an investor resident or ordinarily resident in the United Kingdom holds an interest in an offshore fund that has been a 'reporting fund' for all periods of account for which they hold their interest, any gain accruing upon sale or other disposal of the interest will be subject to tax as a capital gain rather than income.

A class must apply to HM Revenue & Customs ("HMRC") to become a reporting fund and once in the regime remains a reporting fund permanently so long as the annual duties are met. Reporting funds have an annual requirement to calculate and report to UK investors and HMRC the reportable income per share and distributions made for each share class. Provided the Fund complies with this annual reporting requirement, any gain accruing upon sale or other disposal of the interest by each UK shareholder will be subject to tax as a capital gain rather than income.

A shareholding in the relevant share class of the Fund constitutes an interest in an offshore fund from a United Kingdom ("UK") taxation perspective. Each Share Class is treated as a separate 'offshore fund' for these purposes.

What does this mean for investors?

Investors will be required to include on their tax return any distributions received during the year and their proportionate share of reportable income in excess of any distributions made in relation to the profits of the accounting period. 

The deemed distribution date for excess reportable income over any cash distributions received is 6 months after the end of the accounting period.

 Please access this link for further information about the reporting regime.

Click to access year: 2015, 2014, 2013, 2012, 2011, 2010

2015

document PLC

Emerging Markets Value Fund
Euro Inflation Linked Long Duration Fixed Income Fund
European Small Companies Fund
Pacific Basin Small Companies Fund
US Small Companies Fund
Global Short Fixed Income Fund
Global Short-Term Investment Grade Fixed Income Fund
Global Ultra Short Fixed Income Fund
European Value Fund
Pacific Basin Value Fund
Global Targeted Value Fund
Global Core Equity Fund
Global Small Companies Fund
Global Sustainability Core Equity Fund
Sterling Inflation Linked Intermediate Duration Fixed Income Fund
Sterling Inflation Linked Long Duration Fixed Income Fund
Euro Inflation Linked Intermediate Duration Fixed Income Fund
World Allocation 80/20 Fund (formerly known as Multi-Factor Balanced Fund)
World Allocation 60/40 Fund (formerly known as Multi-Factor Balanced Fund)
World Allocation 40/60 Fund (formerly known as Multi-Factor Conservative Fund)
World Allocation 20/80 Fund (formerly known as Multi-Factor Balanced Fund)
World Equity Fund (formerly known as Multi-Factor Equity Fund)

document PLC II

Emerging Markets Targeted Value Fund

2014

document PLC

Emerging Markets Value Fund
Euro Inflation Linked Long Duration Fixed Income Fund
European Small Companies Fund
Pacific Basin Small Companies Fund
US Small Companies Fund
Global Short Fixed Income Fund
Global Ultra Short Fixed Income Fund
European Value Fund
Pacific Basin Value Fund
Global Targeted Value Fund
Global Core Equity Fund
Global Small Companies Fund
Global Sustainability Core Equity Fund
Sterling Inflation Linked Intermediate Duration Fixed Income Fund
Sterling Inflation Linked Long Duration Fixed Income Fund
Euro Inflation Linked Intermediate Duration Fixed Income Fund
World Allocation 60/40 Fund (formerly known as Multi-Factor Balanced Fund)
World Allocation 40/60 Fund (formerly known as Multi-Factor Conservative Fund)
World Equity Fund (formerly known as Multi-Factor Equity Fund)

document PLC II

Emerging Markets Targeted Value Fund

2013

document PLC

Emerging Markets Value Fund
European Small Companies Fund
Pacific Basin Small Companies Fund
US Small Companies Fund
Global Short Fixed Income Fund
Sterling Ultra Short Fixed Income Fund
European Value Fund
Pacific Basin Value Fund
Global Targeted Value Fund
Global Core Equity Fund
Global Small Companies Fund
Global Sustainability Core Equity Fund
Sterling Inflation Linked Intermediate Duration Fixed Income Fund
Sterling Inflation Linked Long Duration Fixed Income Fund
Euro Ultra Short Fixed Income Fund
Euro Inflation Linked Intermediate Duration Fixed Income Fund
Euro Inflation Linked Long Duration Fixed Income Fund
Multi-Factor Balanced Fund
Multi-Factor Conservative Fund
Multi-Factor Equity Fund

document PLC II

Emerging Markets Targeted Value Fund

2012

document PLC

Emerging Markets Value Fund
European Small Companies Fund
Pacific Basin Small Companies Fund
US Small Companies Fund
Global Short Fixed Income Fund
Sterling Ultra Short Fixed Income Fund
European Value Fund
Pacific Basin Value Fund
Global Targeted Value Fund
Global Core Equity Fund
Global Small Companies Fund
Sterling Inflation Linked Intermediate Duration Fixed Income Fund
Sterling Inflation Linked Long Duration Fixed Income Fund
Euro Ultra Short Fixed Income Fund
Euro Inflation Linked Intermediate Duration Fixed Income Fund
Multi-Factor Balanced Fund
Multi-Factor Conservative Fund
Multi-Factor Equity Fund

document PLC II

Emerging Markets Targeted Value Fund

2011

document PLC

Emerging Markets Value Fund
European Small Companies Fund
Pacific Basin Small Companies Fund
US Small Companies Fund
Global Short Fixed Income Fund
Sterling Ultra Short Fixed Income Fund
European Value Fund
Pacific Basin Value Fund
Global Targeted Value Fund
Global Core Equity Fund
Global Small Companies Fund
Sterling Inflation Linked Intermediate Duration Fixed Income Fund
Euro Ultra Short Fixed Income Fund
Euro Inflation Linked Intermediate Duration Fixed Income Fund
Multi-Factor Balanced Fund
Multi-Factor Conservative Fund
Multi-Factor Equity Fund

document PLC II

Emerging Markets Targeted Value Fund

2010

document PLC

Emerging Markets Value Fund
European Small Companies Fund
Pacific Basin Small Companies Fund
US Small Companies Fund
Global Short Fixed Income Fund
Sterling Ultra Short Fixed Income Fund
European Value Fund
Pacific Basin Value Fund
Global Targeted Value Fund
Global Core Equity Fund

document PLC II

Emerging Markets Targeted Value Fund
European Value Fund
Pacific Basin Value Fund
Global Targeted Value Fund
Global Core Equity Fund


This summary should not be taken to constitute legal or tax advice, and investors should consult their own professional advisers on the implications of making an investment in, and holding or disposing of shares and the receipt of distributions (whether or not on redemption) with respect to such shares under the law of the countries in which they are liable to taxation.