Paper filing deadline and offshore collective investment schemes advice for agents

Oct 29, 2019

 

Readers are reminded that the paper self-assessment filing deadline for 2018/19 approaches on 31 October. HMRC have also been in touch to say that agents should advise their clients, who may have offshore collective investment schemes, that they need to declare payments in their next tax return.

The advice received from HMRC for agents is that they should:-

  • Advise their client to check if their investment is in a reporting or non-reporting fund by checking the reporting funds list on gov.uk;
  • If their fund has reporting fund status, they will need to know the Excess Reportable Income and include this in their UK tax return for the tax year which includes the fund distribution date; and
  • If their fund does not have reporting status, any income arising from the fund should be declared on the ‘Foreign’ page of the relevant self-assessment return.