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Offshore Funds Manual
Publication Date:
2019
Publisher:
Bloomsbury Professional
Copyright:
2019 Crown
Offshore Funds Manual
Guidance on how UK resident investors in offshore funds are treated for tax purposes.
20191018
GO
Contents
Contents
Expand All
Collapse All
Close section
Introduction
OFM00500: Background to the treatment of UK investors in offshore fund
OFM01000: Overview of the 1984 regime for offshore funds
Close section
OFM02000: Overview of the 2009 regime for offshore funds
OFM02100: Introduction: overview of the 2009 regime for offshore funds: Introduction
OFM02200: Introduction: overview of the 2009 regime for offshore funds: overview of the regime for funds
OFM02300: Introduction: overview of the 2009 regime for offshore funds: Overview of treatment of UK investors
OFM02400: Introduction: overview of the 2009 offshore funds regime: commencement
OFM02500: Introduction: overview of the 2009 offshore funds regime: Overview of transitional arrangements
Close section
Definition of an offshore fund
Close section
OFM03000: Overview
OFM03100: Definition of an offshore fund: Overview: Introduction
OFM03200: Definition of an offshore fund: Overview: Arrangements within the definition of an offshore fund
OFM03300: Definition of an offshore fund: Overview: Arrangements not within the definition of an offshore fund
OFM03400: Definition of an offshore fund: Overview: Transitional arrangements
Close section
OFM04000: Meaning of offshore fund
OFM04100: Meaning of an offshore fund: Introduction - TIOPA 2010, s 355
OFM04200: Meaning of an offshore fund: Corporate entities - TIOPA 2010, s 355(1)(a)
OFM04300: S355 (1)(b) TIOPA 2010
OFM04400: Meaning of offshore fund: other arrangements that create rights in the nature of co-ownership - TIOPA 2010, s 355(1)(c)
Close section
OFM05000: Meaning of mutual fund
OFM05100: Meaning of a mutual fund: Introduction - TIOPA 2010, s 356
OFM05200: Meaning of mutual fund: conditions: condition ‘A’ - TIOPA 2010, s 356(3)
OFM05300: Meaning of mutual fund: conditions: condition ‘B’ - TIOPA 2010, s 356(4)
OFM05400: Meaning of mutual fund: conditions: condition ‘C’ - TIOPA 2010, s 356(6)
OFM05500: Meaning of mutual fund: conditions: condition #x2018;C#x2019;: meaning of #x2018;reasonable investor#x2019; - Section 356(6) Finance Act 2008
OFM05600: Meaning of mutual fund: conditions: condition ‘C’: meaning of realisation of investment by reference to NAV or an index - S356(6) TIOPA 2010
OFM05700: Meaning of mutual fund: conditions: condition ‘C’: realisation of investment by reference to NAV or an index: disposals of underlying fund assets - TIOPA 2010, s 356(6)
Close section
OFM06000: Exceptions to meaning of a mutual fund
OFM06100: Exceptions to meaning of mutual fund: introduction - TIOPA 2010, s 357(3)
OFM06200: Exceptions to meaning of mutual fund: condition E - TIOPA 2010, s 357(3)
OFM06300: Exceptions to meaning of mutual fund: condition F: general - TIOPA 2010, s 357(4)
OFM06400: Exceptions to meaning of mutual fund: condition F: not “relevant income-producing assets”- TIOPA 2010, s 357(5)
OFM06500: Exceptions to meaning of mutual fund: condition F: no entitlement to income or any benefit arising from income - TIOPA 2010, s 357(6)
OFM06600: Exceptions to meaning of mutual fund: condition F: income subject to UK taxation - TIOPA 2010, s 357(7)
Close section
OFM07000: Transparent entities
OFM07100: Definition of an offshore fund: Transparent entities: Application of S103A TCGA 92 to interests in arrangements that create rights in the nature of co-ownership ownership - TCGA 1992, s 103A
OFM07200: Definition of an offshore fund: Transparent entities: Arrangements that are tax transparent for income purposes
OFM08000: Umbrella funds and protected cell companies
OFM09000: Classes of interest
Close section
OFM10000: Particular arrangements
OFM10100: Particular arrangements: general
OFM10200: Particular arrangements: Exchange traded funds
OFM10300: Particular arrangements: property investment vehicles
OFM10400: Particular arrangements: Fixed share capital companies
OFM10500: Particular arrangements: share buy-backs and share issuance
OFM10600: Definition of an offshore fund: Limited life companies
Close section
The 2009 offshore funds regime
Close section
OFM11000: Introduction
OFM11100: The 2009 offshore funds regime: introduction: classification of funds
OFM11200: The 2009 offshore funds regime: introduction: umbrella funds
OFM11300: The 2009 offshore funds regime: introduction: classes of interest
Close section
Investors in non-reporting funds
OFM12000: Introduction
Close section
OFM13000: Distributions: the charge to tax
OFM13100: Investors in non-reporting funds: distributions: the charge to tax: general
OFM13200: Investors in non-reporting funds: distributions: the charge to tax: ‘transparent’ funds
OFM13300: Investors in non-reporting funds: distributions: the charge to tax: ‘non-transparent’ funds
OFM13400: Investors in non-reporting funds: income & distributions: the charge to tax: remittance basis
Close section
OFM14000: Disposals of interests
OFM14100: Investors in non-reporting funds: disposals of interests: overview - regulations 32 & 33
OFM14200: Investors in non-reporting funds: disposals of interests: death of participant - regulation 34
OFM14300: Investors in non-reporting funds: disposals of interests: exchanging interests in one fund or share class for another
OFM14400: Investors in non-reporting funds: disposals of interests: exchanges of securities - regulation 35
OFM14500: Investors in non-reporting funds: disposals of interests: schemes of reconstruction - regulation 36
OFM14600: Investors in non-reporting funds: disposals of interests: exchanges of interests in different classes - regulation 37
Close section
OFM15000: The charge to tax on disposal of an interest
OFM15100: Investors in non-reporting funds: charge to tax on disposal of an interest: overview
OFM15200: Investors in non-reporting funds: charge to tax on disposal of an interest: the charge to tax - Regulation 17
OFM15300: Investors in non-reporting funds: charge to tax on disposal of an interest: the charge to tax: income tax - Regulation 18
OFM15400: Investors in non-reporting funds: charge to tax on disposal of an interest: the charge to tax: corporation tax - Regulation 18
OFM15500: Investors in non-reporting funds: charge to tax on disposal of an interest: remittance basis - Regulation 19
OFM15600: Non-reporting funds: charge to tax on disposal of an interest: non-resident settlements
OFM15700: Investors in non-reporting funds: charge to tax on disposal of an interest: transfer of assets abroad - Regulation 21
OFM15800: Investors in non-reporting funds: charge to tax on disposal of an interest: offshore income gains arising to certain non-resident companies - Regulation 24
OFM15900: Investors in non-reporting funds: charge to tax on disposal of an interest: application of other TCGA provisions
Close section
OFM16000: Exceptions to the charge to tax
OFM16050: Investors in non-reporting funds: exceptions to the charge to tax: general
OFM16100: Investors in non-reporting funds: exceptions to the charge to tax: interests treated as loan relationships - Regulation 25(2)
OFM16150: Investors in non-reporting funds: exceptions to the charge to tax: interests treated as derivative contracts - Regulation 25(3)
OFM16200: Investors in non-reporting funds: exceptions to the charge to tax: intangible fixed assets - Regulation 25(4)
OFM16250: Investors in non-reporting funds: exceptions to the charge to tax: excluded indexed securities - Regulation 25(5)
OFM16300: Investors in non-reporting funds: exceptions to the charge to tax: rights arising under a policy of insurance - Regulation 25(6)
OFM16350: Investors in non-reporting funds: exceptions to the charge to tax: trading stock - Regulation 26
OFM16400: Investors in non-reporting funds: exceptions to the charge to tax: long-term insurance funds - Regulation 27
OFM16450: Investors in non-reporting funds: exceptions to the charge to tax: non-participating loans - Regulation 28
OFM16500: Investors in non-reporting funds: exceptions to the charge to tax: interests in certain transparent funds - Regulation 29
OFM16550: Investors in non-reporting funds: exceptions to the charge to tax: rights in certain existing holdings - Regulation 30
OFM16600: Investors in non-reporting funds: exceptions to the charge to tax: charitable companies & charitable trusts - Regulation 31
OFM16650: Investors in non-reporting funds: exceptions to the charge to tax: registered pension schemes - Section 186 Finance Act 2004
OFM16700: Investors in non-reporting funds: exceptions to the charge to tax: Unlisted trading company exception
Close section
OFM17000: Computation of offshore income gains
OFM17100: Investors in non-reporting funds: computation of offshore income gains: introduction - Regulation 38
OFM17200: Investors in non-reporting funds: computation of offshore income gains: the basic gain - Regulation 39
OFM17300: Investors in non-reporting funds: computation of offshore income gains: previous no gain / no loss disposals - Regulation 40
OFM17400: Investors in non-reporting funds: computation of offshore income gains: modification of chargeable gains legislation - Regulation 41
OFM17500: Investors in non-reporting funds: computation of offshore income gains: losses - Regulation 42
OFM17600: Investors in non-reporting funds: computation of offshore income gains: certain existing holdings - Regulation 43
Close section
OFM18000: Deduction of offshore income gains in computing capital gains
OFM18100: Investors in non-reporting funds: deduction of offshore income gains in computing capital gains: introduction - Regulation 44
OFM18200: Investors in non-reporting funds: deduction of offshore income gains in computing capital gains: treatment of the disposal - general - Regulation 45
OFM18300: Investors in non-reporting funds: deduction of offshore income gains in computing capital gains: rollover relief (S162 TCGA) - Regulation 46
OFM18400: Investors in non-reporting funds: deduction of offshore income gains in computing capital gains: consideration on a reorganisation (S128 TCGA) - Regulation 47
OFM19000: Conversion of a non-reporting fund to a reporting fund: consequences for participants in non-reporting fund
Close section
Reporting funds
OFM20000: Introduction
Close section
OFM21000: Application for reporting fund status
OFM21100: Reporting funds: application for reporting fund status: who can apply - Regulation 51
OFM21200: Reporting funds: application for reporting fund status: conversion from a non-reporting fund - Regulation 52
OFM21300: Reporting funds: application for reporting fund status: contents of application - Regulation 53
OFM21400: Reporting funds: application for reporting fund status: form, timing and withdrawal of the application - Regulation 54
OFM21500: Reporting funds: application for reporting fund status: HMRC responses to applications - Regulation 55
OFM21600: Reporting funds: application for reporting fund status: rejection of application - appeals - Regulation 56
OFM21700: Reporting funds: application for reporting fund status: constant NAV funds: modification of application process - Regulation 120
Close section
OFM22000: Duties of reporting funds
OFM22100: Reporting funds: duties of reporting funds: effect of entry into reporting fund regime - Regulation 57
OFM22200: Reporting funds: duties of reporting funds: general - Regulation 58
OFM22300: Reporting funds: duties of reporting funds: constant NAV funds - Regulation 121
Close section
OFM23000: Preparation of accounts
OFM23100: Reporting funds: preparation of accounts: acceptable accounting policy - Regulation 59
OFM23200: Reporting funds: preparation of accounts: change in accounting policy - Regulation 60
OFM23300: Reporting funds: preparation of accounts: changes of accounting practice - Regulation 61
Close section
OFM24000: Computation of reportable income
OFM24100: Reporting funds: computation of reportable income: introduction
OFM24200: Reporting funds: computation of reportable income: duty to provide a computation - Regulation 62
OFM24300: Reporting funds: computation of reportable income: figures to be used in computation - Regulation 63
OFM24400: Reporting funds: computation of reportable income: adjustments for capital items - Regulations 64 and 65
OFM24500: Reporting funds: Adjustments for special classes of income
OFM24600: Reporting funds: computation of reportable income: Equalisation
OFM24700: Reporting funds: computation of reportable income: Transparent Funds
Close section
OFM25000: Transactions not treated as trading
OFM25100: Reporting funds: transactions not treated as trading: introduction - Regulation 73
OFM25200: Reporting funds: transactions not treated as trading: conditions - Regulations 74 & 75
OFM25300: Reporting funds: transactions not treated as trading: clearances - Regulations 77 to 79
OFM25400: Reporting funds: transactions not treated as trading: treatment of investment transactions - Regulation 80
OFM25500: Reporting funds: transactions not treated as trading: investment transactions - Regulations 81 to 89
OFM25600: Reporting funds: transactions not treated as trading: Investment Manager Exemption (IME)
Close section
OFM26000: Reports to participants
OFM26100: Reporting funds: reports to participants: general
OFM26200: Reporting funds: reports to participants: contents of report - Regulation 92
OFM26300: Reporting funds: reports to participants: long accounting periods - incomplete information - Regulation 93
Close section
OFM27000: Tax treatment of participants in reporting funds
OFM27100: Reporting funds: tax treatment of participants in reporting funds: introduction
OFM27200: Reporting funds: tax treatment of participants in reporting funds: general provisions - Regulation 94
OFM27300: Reporting funds: tax treatment of participants in reporting funds: Participants chargeable to income tax
OFM27400: Reporting funds: tax treatment of participants in reporting funds: participants chargeable to corporation tax - Regulation 98
OFM27500: Reporting funds: tax treatment of participants in reporting funds: disposals of interests - Regulation 99
OFM27600: Disposals of interests: example
OFM27700: Reporting funds: tax treatment of participants in reporting funds: deemed disposal election - Regulation 100
OFM27800: Reporting funds: tax treatment of participants in reporting funds: Charitable companies and charitable trusts
OFM27900: Reporting funds: tax treatment of participants in reporting funds: anti-avoidance provisions - Regulations 102 to 105
OFM27950: Reporting funds: tax treatment of participants in reporting funds: remittance basis
Close section
OFM28000: Provision of information to HMRC
OFM28100: Reporting funds: provision of information to HMRC: reporting requirements - Regulation 106
OFM28200: Reporting funds: provision of information to HMRC: obligation to provide information - Regulation 107
Close section
OFM29000: Breaches of reporting fund conditions
OFM29100: Reporting funds: breaches of reporting fund conditions: introduction
OFM29200: Reporting funds: breaches of reporting fund conditions: types of breaches
OFM29300: Reporting funds: breaches of reporting fund conditions: consequences of breaches
OFM30000: Constant NAV funds
OFM31000: Leaving the reporting fund regime: notice given by fund
Close section
Transitional rules
Close section
OFM32000: Transitional rules
OFM32100: Transitional rules: introduction - Schedule 1 para (2)
OFM32200: Transitional rules: existing fund becomes non-reporting fund on 1 December 2009 - Schedule 1 para (2)
OFM32300: Transitional rules: applications for distributing fund status for overlap period - Schedule 1 paras (3) and (6)
OFM32400: Transitional rules: existing distributing fund: no application for distributing or reporting funds status - Schedule 1 para (4)
OFM32500: Transitional rules: reporting fund previously a non-qualifying fund - Schedule 1 para (5)
OFM32600: Transitional rules: reporting fund previously not within definition of an offshore fund - Schedule 1 para (7)
[18.97.14.90]
18.97.14.90