Offshore Funds (Tax) Regulations
04 Dezembro 2009 - 10:02AM
UK Regulatory
TIDMEGA TIDMFSM TIDMEBM TIDMUKH
RNS Number : 6109D
Harewood Structured Investment PCC
04 December 2009
Notice to holders of preference shares issued by Harewood Structured Investment
PCC Limited (the "Company")
This notice is for the attention of holders of preference shares issued by the
following cells of the Company: the Enhanced Global Asset Allocation cell, the
BNP Paribas FTSE Summit cell, the BNP Paribas Energy - Base Metals Secure Growth
cell, the BNP Paribas UK High Income cell, the BNP Paribas Energy - Base Metals
(2) cell, the BNP Paribas European Shield cell, the BNP Paribas Absolute
Progression cell, the US High Income cell, the Euro High Income cell, the BNP
Paribas Agrinvest cell, the Enhanced Property Recovery cell, the Energy - Base
Metals (3) cell, the Enhanced Income cell, the BNP Paribas COMAC cell, the US
Enhanced Income cell and the UK Enhanced Income cell (together the "affected
cells").
The Offshore Funds (Tax) Regulations 2009 (the "Regulations") came into force on
1st December 2009 and introduced a new regime for the United Kingdom tax
treatment of Offshore Funds (as such are defined in the Regulations). The
Company has been advised that under the previous regime the Company, in respect
of all its cells, was not treated as an Offshore Fund. However, it is likely
that each series of preference shares issued by the affected cells of Company
(the "affected Preference Shares") will each become an Offshore Fund for the
purposes of this new regime.
Under the new regime, an Offshore Fund (such as a series of affected Preference
Shares issued by the Company) may apply to H.M. Revenue & Customs to become a
"Reporting Fund". If such an Offshore Fund does not become a Reporting Fund,
then that Offshore Fund would be a "Non-Reporting Fund". Broadly, a United
Kingdom resident individual holding an interest in a Reporting Fund would be
subject to income tax on the income of the fund whether or not that income is
distributed to investors, while sales and other disposals of interests in
Reporting Funds would be subject to capital gains tax. A United Kingdom resident
individual holding an interest in a Non-Reporting Fund" would generally only be
subject to income tax on income of the fund which is actually distributed, but
gains arising on sales and other disposals of interests in Non-Reporting Funds"
would be subject to income tax.
The Company intends to apply to H.M. Revenue & Customs for each of its series of
affected Preference Shares in respect of an affected cell to become a Reporting
Fund with effect from and including the 12 month period commencing on 1st
November 2009 and ending on 31st October 2010. Gains arising on sales and other
disposals of these Preference Shares by United Kingdom resident individual
shareholders (the "Shareholders") after the new regime takes effect will
continue to be charged to capital gains tax. Certain Shareholders, such as
dealers in securities, may nevertheless be subject to income tax in relation to
their Preference Shares on general principles.
The Company will be required to compute and report to Shareholders in any
affected cell the "Reportable Income" for each period of account of each of its
series of Preference Shares. If this "Reportable Income" for a period of account
of such an affected cell exceeded the distributions made to Shareholders during
that period, Shareholders who acquired such affected Preference Shares on or
after 1st December 2009 would be treated as receiving, and would be subject to
income tax on, an additional deemed distribution equal to the excess
(notwithstanding that no such distribution is in fact made). The Company
expects that for each period of account for each of its series of affected
Preference Shares, Reportable Income will not exceed distributions made to
Shareholders and accordingly Shareholders, while subject to income tax on actual
distributions received, should not be subject to income tax on any deemed
distributions under the new regime.
United Kingdom resident individuals in receipt of dividends from non-United
Kingdom companies are generally entitled to a non-payable dividend tax credit
equal to one-ninth of the grossed up dividend. However, there is no entitlement
to this tax credit if the dividends are paid by an Offshore Fund in
circumstances where the Offshore Fund fails to meet a "qualifying investment
test". The Company expects that each of its series of dividend paying
Preference Shares will meet this test and that Shareholders should generally,
subject to their own circumstances, be entitled to a tax credit in respect of
dividends paid on such Preference Shares. Dividend paying Preference Shares
include those issued by the BNP Paribas UK High Income cell, the US High Income
cell, the Euro High Income cell, the Enhanced Income cell, the US Enhanced
Income cell and the UK Enhanced Income cell.
The purpose of this notice is to provide a summary of the Company's
understanding of the effect of the new regime to the United Kingdom tax
treatment of Preference Shares for United Kingdom resident individuals. This
notice is not intended to be, and should not be construed as, tax advice. The
United Kingdom tax treatment of Shareholders depends on their individual
circumstances and may be subject to change in the future. Shareholders who may
be unsure as to their tax position should seek their own professional advice.
For further information contact:
BNP Paribas
Tel: 0207 595 8056 or E-mail: harewood_solutions@bnpparibas.com
Anson Fund Managers Limited
Secretary
Tel: Guernsey 01481 722260
4 December 2009
END OF ANNOUNCEMENT
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