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Digital Subscriptions > The Hedge Fund Journal > Issue 115 - July | August 2016 > The Rise Of The Reporting Funds

The Rise Of The Reporting Funds

UK tax changes spark interest in reporting fund status

Many UK investors in non-UK funds are already keen to ensure that the shares they acquire have UK “reporting fund” status. However, two changes to the wider UK tax code mean that 2016 has seen a surge of interest from investors (including fund of funds targeting the UK market) who haven’t previously been focused on this point.

Below we take the opportunity to review the rules and explore why managers may see an upswing in investor queries on this topic.

1. Let’s re-cap: what’s an offshore fund for UK tax purposes?

The UK has specific tax rules which apply to investments in offshore (i.e. non-UK) funds. The definition of an offshore fund is complex and characteristics based, but it is usually safe to assume that a typical open-ended offshore corporate fund will be an offshore fund for these purposes.

A fund or sub-fund (in respect of an umbrella fund) if it has a single class of shares, or each class of shares where a fund or sub-fund has multiple share classes, is treated as a separate “offshore fund” if it falls within the definition.

2. So what’s the impact of the offshore funds rules on UK resident investors?

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