IFM12624 - Offshore Funds: Reporting funds: reporting obligations: reports to participants: contents of report

Regulation 92 of SI 2009/3001: Non transparent funds

The report sent or made available to investors of a reporting fund for each reporting period must include all of the following -

  1. the amount actually distributed to participants (i.e. all investors, which will include UK investors) per unit of interest in the fund in respect of the reporting period;
  2. the excess of the amount of the reported income per unit of interest in the fund for the reporting period over the amount actually distributed to participants per unit of interest;
  3. the dates on which distributions were made;
  4. the fund distribution date (per regulation 94(4) - see IFM13222);
  5. a statement of whether or not the fund remains a reporting fund at the date the fund makes the report available.
  6. if a fund operates full equalisation arrangements and has not given a statement under regulation 50A(b)(i) (see IFM12423), the report must include the equalisation amount per unit of interest in the fund in relation to any interest acquired in the reporting period. This may be by reference to a table relating the equalisation amount to the date of acquisition in a case where the equalisation is calculated in accordance with regulation 92(3)(ba)(ii).

The ‘reported income’ of a reporting fund for a reporting period means the reportable income of the fund for the reporting period, computed by or on behalf of the fund, and provided in the report for the reporting period to the participants in the fund.

The computation of reported income per unit of a reporting fund is dependent on whether the fund operates equalisation arrangements and the form that these arrangements take. (See IFM12628 for detailed guidance.)

An amount actually distributed to participants per unit of interest in the fund in respect of the reporting period must be computed at the time the distribution is made.

An amount per unit of interest in the fund must be expressed to at least four decimal places of a pound (or other currency unit) of value.

If the amount of the reported income per unit of interest in the fund for the reporting period is equal to, or less than, the amount actually distributed to participants per unit of interest in respect of the reporting period, the amount to be stated in respect of 2 above (the excess) is nil.

See IFM12626 where a fund has long accounting periods and there is some difficulty in computing reporting income for the first 12 months when preparing a report (regulation 93).

Regulation 92D: Transparent funds

In the case of transparent funds, the report to participants for each reporting period must:

  • Contain sufficient information to enable those participants to meet their tax obligations in the UK with respect to their interests in the fund, and
  • Include a statement whether or not the fund remains a reporting fund at the date which the fund makes the report available.