Offshore Funds with Reporting Status

This page is intended for persons subject to UK tax who are invested in Offshore Funds which may have ‘Reporting Status’ under the UK tax rules for Offshore Funds.

Under the rules, a fund is obliged to publish, for each of its accounting years, details of Reported Income per share for any of its share classes that have Reporting Status.

Understanding the rules

The rules are complicated. If you have any concerns you should speak to your tax adviser. Barclays does not provide tax advice.

If a share class that you have invested in does have Reporting Status, it is important that you check whether it has any Reported Income for its accounting year (in excess of distributions made for that year) for which the fund’s ‘Fund Distribution Date’ - six months after the fund’s accounting year-end.

If a fund share class has, for its accounting year, an excess of Reported Income over actual distributions it has made, and you are deemed to be entitled to a share of that excess (to the extent that you owned shares as at the fund’s accounting year-end), you will need to include that share of the excess in your Tax Return, in addition to any distributions you actually received during the tax year. As indicated above, your share of the deemed distribution will be taxed on you for the UK tax year in which the ‘Fund Distribution Date’, 6 months after the fund’s year-end, falls.

Distributions actually received are included in your Tax Pack issued by Barclays, as usual. Any disposals you have made out of interests in offshore funds with Reporting Status should also appear in your Tax Pack, as usual. However (as well as needing to add, to income actually received, any deemed income as above in your Tax Return), you will also need to adjust your CGT computation for any deemed income, in order to avoid double taxation.

If you want to find out if a particular share class has Reporting Status

You can check the HMRC “List of Reporting Funds A-Z"

How to find details of a share class’s Reported Income

This page aims to help by providing links to information relevant to the appropriate tax year

THE REPORTED INCOME DETAILS FOR BARCLAYS OFFSHORE FUNDS

1. Statement of Reportable Income for Barclays Multi-Manager Fund PLC [PDF, 94KB]
2. Statement of Reportable Income for Barclays Portfolios PLC [PDF, 17KB]
3. Statement of Reportable Income for Barclays Portfolios SICAV [PDF, 2.3MB]

Please note, the above link is to a website not owned or operated by us. We are not responsible for its accuracy or content, and our provision of this link does not mean that we are connected with it or its provider or endorse it or the information provided in it. It may have its own terms, conditions and policies, and it is your duty to ensure that you comply with them. We accept no liability, no matter how that may be caused, for any failure on your part to view, comply or familiarise yourself with any such terms, conditions and policies.

Tax Advice

The UK tax rules under the regime are highly complex and can materially affect your Income Tax and Capital Gains Tax (“CGT”) positions.

If you are invested in an Offshore Fund which does not have Reporting Status (or which has not had Reporting Status and/or ‘Distributor Status’ under the predecessor UK tax regime for Offshore Funds at any time when you owned interests in it), the tax consequences for you could be different.

We strongly recommend that you consult your tax adviser, and provide them with your Tax Pack to help you complete your Tax Return.

Important Information

Barclays accepts no responsibility for the accuracy of the information provided by third party fund managers.

Help & Assistance

If you have any questions about the information on this page please contact your Private Banker or Investment Manager.