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Offshore Funds Taxation

3 July 2019
Jan Friend
Reducing Tax, Accounting & Compliance, Estate Planning / IHT

‘Friend & Grant have had experience tackling head on the taxation challenges presented by a variety of foreign savings, investment, and retirement products; we can help advise you on what income needs to be reported, the allowances available, and can help you formulate a plan to repatriate your offshore funds in a tax-efficient manner that fulfils your needs.

“Since returning from our working lives overseas, Friend & Grant have been guiding us through the unforeseen minefields of repatriating our investments and life-savings. This has required lengthy and substantial research into reporting and tax compliance with HMRC. F&G have produced a multi-year plan to ensure fully compliant repatriation and reporting. Whilst it has been a lengthy process we are now confident that all aspects are understood and there won’t be any uncomfortable surprises in years to come.” – Noel Waddoup and Ruth Russell.

In particular, Offshore Funds is an area of taxation that is exceedingly complex and it can be very difficult to find those with the experience to be able to advise on this.

Investors in offshore funds are tasked by HMRC with correctly reporting their income and gains to HMRC.

Unfortunately, this can prove to be a dizzyingly complex task and investors can often end up being hit by HMRC with penalties arising from income or gains that they did not even realise that they were entitled to.

The situation is not helped by the fact the offshore fund managers and investment portfolio managers often provide lacking or difficult to locate information, which is insufficient in empowering investors to understand or calculate their liabilities.

Between the difficulties of identifying which exact funds interests are held in out of the umbrellas of similarly named funds and then researching the wide array of factors that can affect how these funds are taxed, deducing how and when an offshore fund is liable to UK taxation, and the allowances available, can be a real enigma.

If you require assistance navigating these waters, then please consider getting in touch. Every client we work with benefits from the tax savings that we recommend.

If you’d like to reduce tax then contact Jan Friend for an initial discussion on how we can help you.

The content in this blog is correct as at 03/07/2019. See terms and conditions.

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