Following consultation, the government has issued the draft Co-ownership Authorised Contractual Schemes (Tax) Regulations 2017, introducing new legal requirements on operators of co-ownership authorised contractual schemes to provide tax information both to investors and to HMRC.
Following consultation, the government has issued the draft Co-ownership Authorised Contractual Schemes (Tax) Regulations 2017, introducing new legal requirements on operators of co-ownership authorised contractual schemes to provide tax information both to investors and to HMRC. They also introduce new requirements, where a scheme has made an investment in an offshore fund, that certain amounts must be treated as the income of participants in the scheme. The regulations are made under powers in Finance Bill 2017 (clauses 55 and 56) and will have effect for accounting periods beginning on or after 1 April 2017.
The draft Collective Investment Schemes and Offshore Funds Regulations 2017 will bring offshore transparent funds under the same rules as co-ownership authorised contractual schemes and clarify how investors should compute the chargeable gain on disposals of units in the fund. The regulations set out how to establish the amount of allowable expenses in the chargeable gains computation, including the treatment of loan relationship and derivative contract debits and credits. They also clarify the interaction with expenditure which qualifies for capital allowances.
Following consultation, the government has issued the draft Co-ownership Authorised Contractual Schemes (Tax) Regulations 2017, introducing new legal requirements on operators of co-ownership authorised contractual schemes to provide tax information both to investors and to HMRC.
Following consultation, the government has issued the draft Co-ownership Authorised Contractual Schemes (Tax) Regulations 2017, introducing new legal requirements on operators of co-ownership authorised contractual schemes to provide tax information both to investors and to HMRC. They also introduce new requirements, where a scheme has made an investment in an offshore fund, that certain amounts must be treated as the income of participants in the scheme. The regulations are made under powers in Finance Bill 2017 (clauses 55 and 56) and will have effect for accounting periods beginning on or after 1 April 2017.
The draft Collective Investment Schemes and Offshore Funds Regulations 2017 will bring offshore transparent funds under the same rules as co-ownership authorised contractual schemes and clarify how investors should compute the chargeable gain on disposals of units in the fund. The regulations set out how to establish the amount of allowable expenses in the chargeable gains computation, including the treatment of loan relationship and derivative contract debits and credits. They also clarify the interaction with expenditure which qualifies for capital allowances.
