The Offshore Funds Regulations (Tax) 2009 require investors to show on their self assessment tax returns “excess income”, which is income accumulated, but not distributed, by offshore funds which have reporting status. Most brokers do not include this income in their annual tax packs as the regulations state that the fund managers must make available a report to “participators” (not nominees). However, the report does not have to be personalised and merely states the amount of excess income per unit for the fund year. Moreover, it only has to be published and made accessible, usually via a website or printed in a newspaper. This makes finding the information to complete tax returns very difficult and extremely time consuming; in my experience if you ask clients about this they don’t know what you’re talking about. Are other practices experiencing similar problems and, if so, how are they dealing with this issue?
Replies (5)
Please login or register to join the discussion.
it depends if the excess of income is higher than the distributed. If lower nothing needs to be done.
if you want there is
you need to look at site ...they are obliged to post these info within 6 months
I understand the pain though, the stockbroker consolidated tax return should provide these info, agree?
if you want there is practical example from BLACKROCK ETF website ...which explain everything
John Shep - bewildering silence
John,
I agree, completely, I am suffering from the same syndrome expressed clearly in your posting.
I assume by the large silence, since your posting of May 2014, that nobody is doing very much in this area. The time spent would commonly appear to exceed the value of the tax loss to the UK Exchequer.
Is there any easy out, other than ask the stockbrokers for the data that seems really very difficult to find?