HMRC update list of approved offshore reporting funds

Released 9 October 2018

HMRC have updated the list of approved offshore reporting funds to 30 September 2018.

HMRC’s list of approved offshore reporting funds specifies provides details of funds which have applied for and been approved as reporting funds. Reporting funds are required to report to each of their relevant participants to enable UK participants to make a return of their proportionate share of the reportable income (the ‘reported income’ for each investor). The purpose of the offshore funds regulations is to prevent the roll-up of income in offshore funds with any subsequent realisation of the investment being returned to the investor in the form of capital - where there is roll-up of income any subsequent realisation will be charged to tax as income, rather than to tax on capital gains. The list has been updated to include funds that have entered the Reporting Fund Regime to 30 September 2018.

View the updated List of approved offshore reporting funds.

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