Reporting Fund Status
14 7월 2010 - 3:00PM
UK Regulatory
TIDMOPF
RNS Number : 3044P
Off-Plan Fund Limited (The)
14 July 2010
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| AIM: OPF | 14 July 2010 |
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THE OFF-PLAN FUND LIMITED
(the "Company" or "Fund")
Reporting Fund Status
As stated in the Fund's interim results announcement on 29 June 2010, the Fund
had applied to HM Revenue & Customs ("HMRC") to be a reporting fund under the UK
offshore funds legislation. The Company is pleased to announce that it has
received formal notification from HMRC that it will be entered into the
reporting fund regime with effect from 1 October 2009.
The UK offshore funds regime and the definition of "offshore fund" were changed
with effect on and from 1 December 2009. The Fund was not an offshore fund for
the purposes of this legislation under the old definition. However, it fell to
be an offshore fund under the new definition. The effect of the new legislation
and new definition would have meant that any Members who are resident or
ordinarily resident in the UK and who acquired their shares in the Fund on or
after 1 December 2009, would be subject to UK income tax (or corporation tax on
income) on any gain they realised on a disposal of shares unless the Fund was a
reporting fund.
The effect of now obtaining reporting fund status is that any gains arising to
Members resident or ordinarily resident in the UK on a sale, redemption or other
disposal of shares will be taxed as capital gains rather than as income. Members
who are resident or ordinarily resident in the UK will be subject to UK income
tax (or corporation tax on income) on their share of the net income of the Fund
whether or not it is distributed. Given its current activities, the Fund does
not expect to generate net income in future and, therefore, shareholders should
not expect to bear any additional income tax liability with respect to their
holdings in the Fund.
List of Contacts:
Development Capital Management
Andy Gardiner
Tom Pridmore
020 7355 7600
Merchant Securities Limited
(Nominated Adviser)
Bidhi Bhoma/Simon Clements
020 7628 2200
This information is provided by RNS
The company news service from the London Stock Exchange
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