Guidance covering the definition of an offshore fund (contained within Part 2 of FA2008, as inserted by FA2009) was published in draft form in May 2009. Further guidance covering the operational rules of the offshore funds regime (contained within The Offshore Fund (Tax) Regulations 2009 (S.I.2009/3001), was published in draft form in October 2009.
Comments were invited and the final guidance is published today. The revised guidance is contained within a new manual, the Offshore Funds Manual (OFM). It takes account of comments received and draws together the separate pieces of guidance previously issued in draft form.
The OFM is subject to periodic updates. It is published here in PDF format and will appear in the HM Revenue & Customs (HMRC) Library as an electronic manual with hyperlinks in due course. As the hyperlinks will not work in this PDF version, a guidance map is provided to help you navigate around the document in the meantime.
Whilst this is the final version of the guidance and is not issued for consultation, HMRC will consider any points in the guidance that you consider to be inconsistent with the relevant legislation referred to above, or to be errors. Comments on guidance should not cover policy issues or be technical queries - these should continue to be directed to the relevant person in the usual way. It is anticipated that any changes made to the guidance as a result of comments will be made when periodic updates are undertaken. Any errors drawn to HMRC's attention in the near future may be able to be incorporated into the first electronic library version.
Any comments on the guidance should be sent to:
Wayne Strangwood
HM Revenue and Customs
CT &VAT
3rd Floor
100 Parliament Street
London
SW1A 2BQ
Email: Wayne Strangwood
Tel 020 7147 2545
Customers who require further information regarding the operation of the offshore funds rules should contact their local HMRC Office in the first instance, or contact the Collective Investment Schemes Centre.
By post:
H M Revenue & Customs
Collective Investment Schemes Centre
1st Floor South
Concept House
5 Young Street
Sheffield
S1 4LB
By telephone:
Liz Foster: Tel 0114 2969 377
Sandra Whyman: Tel 0114 2969 688
Graham Naylor: Tel 0114 2969 769
Please follow the link below to view the new manual and guidance map.
Please note: the existing guidance for fund managers wishing to make applications for distributing fund status - the Offshore Funds Guide - is still valid for transitional periods and earlier periods. You can find this guidance by following the link below:
