The UK’s tax regime for investors in offshore funds was updated in 2009. Previously, to complete their tax returns, UK investors required information on distributions paid by the funds; since 2009, they have needed to know in addition the amount of income generated by the fund that has not been distributed. Each year, funds are required to make reports containing this available to their investors and they have done so in different ways, typically on their fund manager’s website or by delivering paper versions.
KPMG’s reportingfunds.co.uk has been designed to make the reporting regime more convenient for all parties: the fund managers, investors and professional intermediaries.
- End investors can access reports from a range of managers free of charge from one website
- Professional investors such as wealth managers and fund administrators can subscribe for different levels of service depending on requirements – KPMG reportingfunds.co.uk will help improve tax compliance and fund accounting processes
- Funds, free of charge, can present information in a consistent manner, store historic reports and control the reporting process – this will help reduce the time and cost involved in getting information to end investors
This is a new way for funds to provide tax information to UK investors and as the number of participating managers and users continues to increase we welcome any feedback on how to enhance KPMG reportingfunds.co.uk