KPMG reportingfunds.co.uk is a central repository that holds UK tax reports provided by funds to their investors in line with the UK reporting regime for offshore funds. It is intended to make it easier for investors to find reports and for managers to provide them. Funds are able to provide all reports published since commencement of the reporting regime in 2009.
This is a voluntary repository which enables funds and their managers to upload their reports to investors. If a report is not available on the repository, the fund provider may have chosen another route to meet the requirements of the regulations, such as providing it on their own website or as a hard copy.

There are a number of benefits for funds, fund managers, investors and intermediaries:

• For the first time investors can access reports from multiple providers in one place and in a consistent format – this saves investors time and means that managers do not have to maintain reports on their own website.
• Historic reports are stored to assist with tax calculations when investments are disposed of.
• Guidance notes are provided to address questions about the UK reporting regime.
• Intermediaries who pay to access information can maintain portfolios, receive notifications and export information. This helps intermediaries service their clients.

There is no charge for funds and fund managers and no charge for end investors. Intermediaries can pay to access information, the amount of fee varies depending on the level of service required (e.g. subscribers can have different levels of access, they can maintain portfolios, receive notifications and export information).

Prior to launch we received agreement in principle to participate from managers representing more than half of all reporting funds. At launch, many of these managers had already republished historic information using KPMG reportingfunds.co.uk – a list of participating managers can be viewed before investors make a search. We expect that more than half of managers will post reports during the course of the first post-launch reporting cycle. In time, we expect the vast majority of reporting funds to make use of KPMG reportingfunds.co.uk.

If the report you are looking for is not available on KPMG reportingfunds.co.uk this may be because either the fund is not participating on the repository or the report to investors has not yet been published by the fund manager. In these circumstances please contact your investment adviser or the fund manager.

Yes – KPMG has an agreement in writing from HMRC that use of the repository fulfils a fund’s obligation to make a report available in line with regulation 90 of the Offshore Funds (Tax) Regulations 2009. This regulation enables reports to be published on a website. Please note that there are wider requirements for funds which choose to use a website (i.e. any website such as the fund manager’s or KPMG’s reportingfunds.co.uk) – for example, if an investor requests that information be provided in a different manner, an approach must be agreed with that investor.

Fund management groups audited by KPMG also need to be mindful of auditor independence rules that could require primary publication by a route other than KPMG reportingfunds.co.uk.

The Fund Principal is our lead representative of the fund (for administrative purposes – users of KPMG reportingfunds.co.uk will not see the Fund principals’ contact details unless they include themselves as public contacts). There is only one Fund Principal assigned to each fund / fund umbrella. They have the ability, via the Administration tab, to invite colleagues or service providers to view and / or edit information. They can invite colleagues (but not service providers) to provide final sign off by publishing reports. The Fund Principal can also amend standing data such as fund name and contact details.

This is a very important role. An approver checks and approves the uploaded fund information and once comfortable that the information is correct, hits the publish button. Once published, the information is available to investors on KPMG reportingfunds.co.uk. The Fund Principal controls who receives an invite.

A contributor can upload reports onto KPMG reportingfunds.co.uk and can edit information before it is published. A contributor can be an employee of the fund or fund manager and also a service provider such as a fund administrator or accounting firm. The Fund Principal controls who receives an invite.

The easiest way to upload reports is to use the Excel template provided on the repository. Once complete, select the upload option on the fund screen and upload the now complete report document.

The upcoming tab is used to notify a Fund Principal of reports due in the near future. We expect that this will serve as a useful control sheet for funds and their managers. The notifications are based on the Fund Distribution Date which is six months after each reporting period end.

As a Principal user, you can use this tab to invite other user to the site. From a fund and fund manager perspective, a Fund Principal can invite Approvers and Contributors to the site. From a professional user perspective, a Principal Professional can invite other Professionals to share information on tailored groups of funds.

As a Fund Principal, navigate to the Admin tab, select the Invite User sub tab, enter their details and click invite.
This new user will be sent an invitation to use the system, but you will still need to allow them access to Approve or Contribute towards specific funds. This can be done in the fund screen by clicking on “Approvers/Contributors” for a specific umbrella fund, searching for the relevant user, selecting their responsibilities and clicking update.

The publish button is disabled if you do not have report data for the given period, the given period is not yet due, or the report has already been published.

No, this information is not required and it is at the discretion of the Fund Principals. We anticipate that many will include investor service contact information to help investors with routine enquiries.

If a report has yet to be published, you can edit minor details for each period by selecting edit (the pencil icon) in the fund screen. If a report has already been published, or you require major changes to a report, you can update your report excel document and re-upload this into the repository. Previously published reports in this period will then need to be re-published. The Approver can choose whether investors should be notified of republication – we expect that this will be the case if the reports are formally amended and HMRC is notified and perhaps not the case if only minor typos have been corrected.