Offshore Funds

Q. How do I get distributor status?

A. For further information, please see the page about applying for Distributing fund status.

Q. How can I find out if my Offshore Fund is a distributing fund?

A. Please see the full list of distributing funds (PDF 48K)

Q. In preparing my application for distributing fund status the accounts of my offshore fund includes in the income statement movements in the value of investments. For the purpose of demonstrating whether or not the 85% distribution test has been met does "income" include realised and unrealised changes in the capital value of investments?

A. No. In meeting the 85% distribution test an offshore fund has to demonstrate that it has distributed the higher of 85% of its income, or 85% of its UK equivalent profits (UKEP). In line with existing practice for realised capital gains, for the purpose of calculating 85% of an offshore funds income, all realised and unrealised capital movements (including expenditure wholly and exclusively incurred in respect of capital transactions) can be ignored.

When submitting an application for certification as a distributing fund, sufficient information will need to be provided to enable capital items shown in the income statement to be identified.