Reporting Fund Status Compliance

Given the discrepancy between capital gains and income tax rates, seeking Reporting fund status (RFS) for your fund will make it more attractive for UK investors to invest into and more readily marketable. RFS can also be advantageous for management share classes when co-investing into funds you manage. While obtaining RFS can ease distribution of offshore funds to UK investors, it is not suitable for every offshore fund. The implications of obtaining RFS and the method chosen when undertaking the annual reporting obligations should be carefully considered.

Duff & Phelps can navigate you through the offshore funds legislation interpreting what it means for your offshore fund and the ongoing obligations you and your investors will be under once you enter the regime. Once we have determined that RFS is advantageous for your fund we will make the application to HMRC on your behalf ensuring the chosen elections are made within the respective timescales.

RFS requires annual reporting be made to HMRC of ongoing compliance and to investors of the arising reportable income. We can perform:

  • the calculations of reportable income liaising directly with the administrator of your fund
  • assist with the communication to investors; and
  • compile the annual submission to HMRC.
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