CISC2 - Offshore funds Annual reporting requirements for - hmrc gov 2025

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The document outlines the annual reporting requirements for offshore funds as per Regulation 106 SI2009/3001. It details the necessary information and documentation that must be submitted to HMRC within six months of the accounting period's end, including audited accounts, reportable income computations, and participant reports. The form also includes sections for fund details, accounting standards compliance, income adjustments, and declarations of regulatory compliance.

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How is a UK resident, UK domiciled holder of a non-reporting fund taxed?

Non-reporting funds do not report any accumulated income to HMRC. Therefore, the investor is liable for UK tax only on income that has been distributed i.e. the fund distributes some income and/or the investor sells some/all of their holding in the fund.

Do non UK residents pay UK capital gains tax?

You have to pay tax on gains you make on property and land in the UK even if youre non-resident for tax purposes. You do not pay Capital Gains Tax on other UK assets, for example shares in UK companies, unless either: you return to the UK within 5 years of leaving.

What is the tax on offshore investments in the UK?

Basic rate taxpayers are subject to 20% tax on the gain. Higher rate taxpayers are subject to 40% tax on the gain. Additional rate taxpayers are subject to 45% tax on the gain.

How are non-reporting funds taxed in the UK?

Non reporting funds are treated as offshore income gains and are subject to Income Tax not Capital Gains Tax. The gains should be entered in box 41 of SA106 and in the box marked Other overseas income and gains on the online return.

What taxes are affected when a non UK domicile becomes deemed domiciled?

The effect of being UK resident in a tax year and deemed domiciled in the UK for income tax and capital gains tax purposes is that you are chargeable to UK tax on your worldwide income and gains on the arising basis in the same way as individuals who are actually UK resident and UK domiciled.

What is the difference between reporting and non-reporting funds?

These Reporting funds are published by HMRC on their List of Approved Funds. Offshore funds that do not appear on this list are Non-Reporting Funds. Any residual gain is subject to capital gains tax rates (18%, or 24% if a higher rate taxpayer).

On what basis are non-UK domiciled individuals subject to inheritance tax?

When someone living outside the UK dies. If your permanent home (domicile) is abroad, Inheritance Tax is only paid on your UK assets, for example property or bank accounts you have in the UK. Its not paid on excluded assets like: foreign currency accounts with a bank or the Post Office.

What is the tax reporting regime for offshore funds in the UK?

The UKs tax reporting regime for offshore funds, known as UK Reporting Fund Status (UK RFS), can dramatically reduce a UK investors tax bill. UK individuals pay up to 45% on their investment gains if an offshore fund has not registered for UK RFS, reducing to just 20% if it has.

CISC2 - Offshore funds Annual reporting requirements for - hmrc gov 2025

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How is a UK resident, UK domiciled holder of a non-reporting fund taxed?

Do non UK residents pay UK capital gains tax?

What is the tax on offshore investments in the UK?

How are non-reporting funds taxed in the UK?

What taxes are affected when a non UK domicile becomes deemed domiciled?

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What is the difference between reporting and non-reporting funds?

On what basis are non-UK domiciled individuals subject to inheritance tax?

What is the tax reporting regime for offshore funds in the UK?

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CISC2 - Offshore funds Annual reporting requirements for - hmrc gov 2025

Here's how it works

How to modify CISC2 - Offshore funds Annual reporting requirements for - hmrc gov online

See more CISC2 - Offshore funds Annual reporting requirements for - hmrc gov versions

Complete this form in 5 minutes or less

Got questions?

How is a UK resident, UK domiciled holder of a non-reporting fund taxed?

Do non UK residents pay UK capital gains tax?

What is the tax on offshore investments in the UK?

How are non-reporting funds taxed in the UK?

What taxes are affected when a non UK domicile becomes deemed domiciled?

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People also ask

What is the difference between reporting and non-reporting funds?

On what basis are non-UK domiciled individuals subject to inheritance tax?

What is the tax reporting regime for offshore funds in the UK?

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