Reporting funds

An offshore entity that meets the definition of an offshore fund (under S355 TIOPA 2010 – see OFM03000 onwards) can, on meeting certain conditions, apply to be a ‘reporting fund’. The relevance of reporting fund status for UK investors is that gains realised on disposals of investments in reporting funds will in most circumstances be subject to tax on chargeable gains (see the detailed guidance on reporting funds at OFM20000 onwards for exceptions), whereas gains realised on disposals of investments in non-reporting funds will be subject to less favourable treatment as they will be charged to tax on income.

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