Offshore Funds - New Definition and Reporting Funds Regime

December 18, 2008
On 16 December, HM Treasury released a series of updates to ongoing consultations affecting the UK asset management and investment funds industry. This update focuses on the paper relevant to offshore funds. In this paper, the government proposes the introduction of the new reporting fund regime together with a new definition of what funds will be covered by the regime with effect from 1 October 2009. This will be of major importance to UK resident investors in offshore funds to enable them to obtain favourable capital tax gains treatment for their investment in such offshore funds.