Following consultation, the Offshore Funds (Tax) (Amendment) Regulations, SI 2017/240, disallow the deduction of performance fees incurred by offshore reporting funds in calculating UK investors’ reportable income, for reporting periods commencing on or after 1 April 2017. Such expenses will, instead, be available to reduce investors’ taxable gains when they dispose of their holdings in an offshore reporting fund. Consultation on a draft version of the regulations took place between December 2016 and January 2017.
Following consultation, the Offshore Funds (Tax) (Amendment) Regulations, SI 2017/240, disallow the deduction of performance fees incurred by offshore reporting funds in calculating UK investors’ reportable income, for reporting periods commencing on or after 1 April 2017. Such expenses will, instead, be available to reduce investors’ taxable gains when they dispose of their holdings in an offshore reporting fund. Consultation on a draft version of the regulations took place between December 2016 and January 2017.
