Tolley's taxation of collective investment:
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| Format: | Book |
| Language: | German |
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London [u.a.]
LexisNexis UK
2003
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| Online Access: | Inhaltsverzeichnis |
| Item Description: | Includes index |
| Physical Description: | XXXII, 497 S. |
| ISBN: | 0406965307 |
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| 245 | 1 | 0 | |a Tolley's taxation of collective investment |c ed. by Stephen Newcombe ... |
| 246 | 1 | 3 | |a Taxation of collective investment |
| 264 | 1 | |a London [u.a.] |b LexisNexis UK |c 2003 | |
| 300 | |a XXXII, 497 S. | ||
| 336 | |b txt |2 rdacontent | ||
| 337 | |b n |2 rdamedia | ||
| 338 | |b nc |2 rdacarrier | ||
| 500 | |a Includes index | ||
| 700 | 1 | |a Newcombe, Stephen |4 edt | |
| 856 | 4 | 2 | |m HBZ Datenaustausch |q application/pdf |u http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=014678297&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |3 Inhaltsverzeichnis |
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| adam_text | Contents
Preface, v
About the Authors, vii
Abbreviations, xxv
Table ofStatutes, xxvü
PartI
collective investment vehicles
1 Authorised Unit Trusts and OEICs
Lucy Shirley
Deloitte
Introduction 1.1
A. Regulation 1.4
UK regulation 1.5
European regulation the UCITS Directive 1.9
UK approach to UCITS III 1.22
The UK regulatory environment 1.24
B. History and background 1.35
History of unit trusts 1.35
Reasons for investing in a collective investment scheme 1.38
Factors influencing growth of authorised producís 1.39
C. Structure 1.40
Authorised Unit Trusts 1.40
OEICs 1.47
D. Day to day operation 1.61
Investment restrictions 1.61
Stocklending 1.62
Cash and borrowing 1.63
Pricing 1.64
Single pricing 1.65
Dual pricing 1.66
Dilution levy 1.67
Creation/cancellation 1.68
Equalisation 1.69
Group I/Group II unitholders 1.71
Distribution periods 1.73
Reports, accounts, meetings 1.74
SORPs 1.75
E. Taxation 1.77
Background 1.77
History 1.78
General rules of Corporation tax 1.79
Accounting periods 1.81
Treatment of umbrella funds 1.82
i xi
Contents
Distribution periods 1.83
Specific legislation for authorised unit trusts and OElCs 1.84
Rateof corporation tax 1.85
Income 1 86
Non taxable income 1.87
Taxable income and applicable Schedules 1.88
VAT 1.130
2 Unauthorised Unit Trusts
Rogef Leslie
Ernst Young
Introduction 2.1
What is a unit trust? 2.3
Unauthorised unit trusts 2.8
Accounting for income and capital 2.10
Overview of taxation of UUTs and investors 2.14
Exempt UUTs and non exempt UUTs 2.19
Taxation of income of a UUT 2.23
Relief for expenses 2.26
Charging income tax on capital profits 2.27
(a) Trading profits 2.28
(b) Relevant discounted securities 2.29
(c) Offshore funds 2.30
(d) Accrued Income Scheme ( AIS ) 2.31
Inland Revenue view of taxation of UUTs 2.32
Double taxation relief 2.35
Taxation of investors 2.37
Equalisation of income 2.38
Distribution vouchers 2.40
Uncredited surpluses 2.41
The UUT manager 2.47
UUTs and gross pricing 2.50
UUTs and a possible future regime 2.51
3 Stamp Duty and Stamp Duty Reserve Tax
Camilla Spielman
Eversheds
Introduction 3.1
Definition of unit trust scheme and OEIC for Stamp Duty and SDRT 3.2
Unit trust schemes 3.2
OEICs 3.5
Creation and seeding of unit trust schemes and OEICS 3.9
Creation of unit trust schemes and OEICs 3.9
Seeding unit trust schemes 3.10
Seeding OEICs 3.11
Issue of units/shares 3.12
Unit trust schemes 3.12
OEIC 3.13
xii
i
Contents
Acquisition of investments by unit trust schemes/OEICS 3.14
Dealings in units in unit trust schemes and in shares in OEICS 3.15
Outline 3.16
SDRTcharge 3.17
Reduction fractions 3.18
Exempt unit trusts and OEICs 3.23
In specie redemptions 3.26
Fundsoffunds 3.30
Third party transfers 3.31
Third party transfers on the register 3.32
Third party transfers off the register 3.34
Particular types of third party transfer 3.35
Property funds 3.37
Change of trustee/depositary 3.38
Winding up of unit trust schemes and OEICs 3.39
Conversions and mergers 3.40
Individual pensión accounts 3.41
Compliance 3.42
Accountability 3.43
Liability 3.44
Audit 3.46
4 Offshore Funds
Martin Smith and Simón Davies
PricematerhouseCoopers LLP
What is an offshore fund? 4.1
Typical investment structures 4.2
Legal form 4.3
Fund structures 4.7
Open ended versus closed ended 4.8
Marketing of offshore funds to UK investors 4.9
Vehicles available in different offshore jurisdictions 4.13
Luxembourg 4.14
Ireland 4.17
Channel Islands 4.21
Cayman Islands 4.22
Other jurisdictions 4.26
Specialist funds 4.27
Taxation of funds 4.38
Basis of taxation 4.38
Direct taxation/corporate tax 4.39
Local asset taxes 4.40
Withholding taxes 4.41
Tax transparent funds 4.42
Treaty access for fund structures 4.43
Treaty shopping and limitation on benefits 4.49
¡ UK tax issues for offshore funds 4.50
Residencyof fund general 4.50
[ xiii
Contents
UK taxatíon of the fund s income and gains 4.60
UK permanent establishment measure of taxable profits 4.74
UK property investment 4.87
Valué Added Tax (VAT) 4.91
VAT issues from the perspective of the UK investment manager of an
offshore fund 4.91
VAT issues from the offshore fund s perspective 4.94
UK offshore fund legislation 4.95
Introduction 4.95
Distributing versus non qualifying offshore funds 4.96
Certification procedure 4.104
Specific issues 4.105
TheFuture 4.111
Consultation process on the offshore funds regime 4.111
UCITSIII 4.113
5 Onshore Limited Partnerships as Investment Funds
John Watson
Ashurst Morris Crisp
The BVCA Memorándum 5.1
The demands which shaped the fund structure 5.5
Why partnerships? 5.10
The requirements for a business 5.14
Avoiding treatment as a unit trust 5.17
Trading for tax purposes 5.21
Whether a prívate equity fund carries on a trade 5.28
Tax transparency 5.35
The principies ofallocation 5.40
Allocations of capital gains 5.48
Profit sharing and contingencies 5.51
Limited partnerships and Valué Added Tax 5.55
BVCA model partnerships 5.56
The general partner 5.57
Carried interest holders 5.62
The investors 5.78
Partnerships as property funds 5.84
LLPs as fund vehicles 5.89
6 Offshore Limited Partnerships as Investment Funds
Patricia Alien
Ashurst Morris Crisp
Introduction 6.1
Tax transparency 6.5
BVCA Memorándum 6.7
FSA authorísation 6.8
Investor preference 6.10
Contents
VAT 6.11
The branch solution 6.12
Going offshore for VAT 6.14
Hybrid structure 6.16
Ensuring that the fund does not have its business in the UK 6.18
Ensuring that the services are not supplied to a fixed establishment in
the UK 6.19
The domestic legislation 6.27
Permanent establishment/branch or agency in UK 6.28
Mezzanine funds 6.32
Withholding tax 6.33
Carried interest in an overseas partnership 6.38
7 Investment Trust Companies
Ian Sayers
AITC
Introduction 7.1
Closed ended 7.2
The structure of investment trusts 7.5
Split capital investment trusts 7.6
The general scheme of taxation 7.8
Obtaining approval as an investment trust 7.9
Granting of approval by the Inland Revenue 7.10
Interaction with corporate tax self assessment 7.11
The exemption from tax on chargeable gains 7.13
ICTA 1988, s 842 7.15
The cióse company test 7.16
The UK residence test 7.18
The income test 7.19
Income 7.20
Wholly or mainly 7.21
Eligible investment income 7.22
Trading subsidiaries 7.43
Underwriting commission 7.44
Offshore income gains 7.45
Income from/not from shares and securíties 7.46
Eligible rental income 7.48
Example of income test 7.49
The investment test 7.50
Introduction 7.50
Holding 7.53
Valué 7.54
Investments 7.55
Additions 7.56
Groups 7.58
Exceptions 7.61
Capitalisation of debts 7.63
Stocklending 7.64
xv
Contents
Scrip (stock) dividends 7.65
Example of the investment test 7.65
The share capital test 7.67
Ordinary share capital 7.68
Listed 7.69
The distribution of surpluses test 7.72
The retention test 7.73
Income versus retained income 7.74
Relaxation of the test 7.76
Prior year adjustments 7.78
Example of retention test 7.78
Acquisitions, mergers and reconstructions 7.79
General principies 7.79
Transfer of business 7.80
Stamp duty 7.82
VAT 7.83
Treasury shares 7.85
Section 842 considerations 7.87
8 Venture Capital Trusts
David CartTPñght
PricetpaterhouseCoopers LLP
History 8.1
Tax breaks for investors 8.4
Professionally managed funds 8.6
Size of the sector 8.7
Taxation of VCTs 8*8
Obtaining and maintaining VCT approval 8.9
Conditions for full approval 8.9
Conditions for provisional approval 8.11
Where further share issues take place 8.13
Applications for approval 8.14
Valuation of investments 8.16
Potential problem áreas with VCT compliance and inadvertent
breaches 8.18
Potential problem áreas with VCT compliance 8.18
Inadvertent breaches 8.22
Returns to be made to the Inland Revenue 8.23
Inland Revenue structure and organisation for VCTs 8.24
Likely future developments 8.26
9 Mergers and Reconstructions of Funds
Camilla Spielman
Eversheds
Reasons for mergers and reconstructions 9.1
UK open ended funds 9.2
Contents
Offshore open ended funds 9.3
Investment trusts 9.4
UK open ended funds 9.5
Background and basic outline of schemes of merger and
reconstruction 9.5
Mergers 9.8
Conversions 9.29
Other forms of reconstruction 9.49
Offshore open ended funds 9.57
Background and basic outline of schemes of merger and
reconstruction 9.58
Mergers and reconstructions 9.61
Investment trusts 9.73
Background and basic outline of schemes of merger and
reconstruction 9.74
Reconstructions 9.76
Mergers 9.87
10 Pensión Fund Pooling Vehicles
John Watson
Ashurst Morris Crisp
Overview 10.1
The Regulations 10.7
Collection of tax from PFPV 10.13
Claims mechanisms 10.15
Valué added tax 10.17
Stamp duty and stamp duty reserve tax 10.19
Conclusión 10.22
11 Foreign Taxes
Eliza Dungrvorth and Oliver Farnworth
Deloitte
Introduction 11.1
UK relief for foreign taxes 11.2
The UK legislative framework 11.3
Definitions 11.5
Creditable foreign taxes 11.6
The residence requirement 11.9
Residence of collective investment schemes 11.10
Source of income general rules 11.11
The UK income requirement 11.12
Calculation of credit relief 11.13
Expense relief 11.16
Tax sparing relief 11.17
Loan relationships 11.18
Dividends and relief from underlying tax 11.20
xvü
Contents
Eligible unrelieved foreign tax provisions applicable to collective
investment schemes 11.21
Inland Revenue guidance on double taxation relief 11.22
Application to investment funds 11.23
Authorised unit trusts, OEICs and investment trusts 11.24
Unauthorised unit trusts 11.26
Pensión fund pooling schemes 11.28
Treatyaccess 11.29
UK tax treaties 11.30
Persons covered 11.31
Authorised unit trusts 11.32
Open ended investment companies 11.35
Investment trusts 11.36
Unauthorised unit trusts 11.37
Partnerships 11.38
Venture capital limited partnerships 11.40
European Economic Interest Groupings 11.41
Charities 11.43
Pensión schemes 11.45
Pensión fund pooling schemes 11.46
Offshore funds 11.47
Overseas tax reclaims (commentary) 11.48
Minimisation of foreign tax 11.49
Management of foreign taxes 11.52
Treaty forms 11.53
Obtaining certification of residence from the Inland Revenue 11.54
The US Qualified Intermediary Regulations status of investment
funds 11.55
Background 11.55
Application to collective investment schemes 11.56
The French avoir fiscal 11.57
Overview 11.57
Entitlement to the avoir fiscal under the UK France double taxation
treaty 11.60
Avoir fiscal rates 11.64
Withholding tax 11.65
Recovery of the avoir fiscal 11.66
Tax and accounting treatment in the hands of a UK investor 11.67
Equalisation tax ( precompte ) 11.68
Impact of new UK/US treaty on UK investment funds 11.69
Persons covered 11.70
Limitation of benefits (Arricie 23) 11.73
Dividends (Arricie 10) 1181
Interest (Arricie 11) 11.82
Capital gains (Arricie 13) 11.83
Japanese government bonds status of investment fund holders 11.84
Eligibility of investment funds 11 85
Taxation of foreign scrip dividends in the UK 11.86
Contents
Part II
Taxation of Investors
12 Authorised Unit Trusts and OEICs
Lucy Shirley
Deloitte
Introduction 12.1
Taxation of UK residents 12.2
Taxation ofindividuals 12.2
Taxation of corporates 12.17
Taxation of Non Residents 12.24
Taxation of individuáis 12.24
Taxation of corporates 12.28
Stamp duty 12.29
Saving for children 12.30
Savings Tax Directive 12.32
What is reportable? 12.34
Who is reportable? 12.36
What impact does it have on the investor? 12.37
13 Offshore Funds
Martin Smith and Simón Davies
PricewaterhouseCoopers LLP
Offshore fund rules 13.1
Introduction 13.1
Definition of an offshore fund 13.3
Occasion ofcharge 13.10
Taxation of income 13.10
Taxation of capital gains 13.17
Transparent funds 13.37
Death of an investor inheritance tax 13.40
Taxation of onshore versus offshore investment 13.41
Offshore Funds — Technical Áreas 13.42
Transfer of assets abroad ICTA 1988, ss 739 740 13.42
Allocation of underlying capital gains TCGA 1992, s 13 13.45
Controlled Foreign Companies (CFCs) ICTA 1988, Part XVII,
ChapterlV 13.56
Impact of the loan relationship rules FA 1996, Schedule 10 13.61
Taxation of Life Companies 13.63
The Future 13.71
Information reporting and the Savings Directive 13.71
14 Investment Trust Shareholders
Ian Sayers
AITC
Introduction 14.1
xix
Contents
Split capital investment trusts |4 2
Annuity income shares
Warrants
Sale 49
Exercise
Abandonment
Buy back
Taper relief and investment trust savings schemes
A Basic Guide to the Calculation of Capital Gains on an Investment
Trust Savings Scheme 14.15
Share buy backs 14 20
15 Venture Capital Trusts
Philip Haré
PricewaterhouseCoopers LLP
Investors tax reliefs 15.1
Front end tax reliefs 15.2
Other reliefs 15.3
Front end income tax relief 15.5
Description of relief 15 5
Eligibility 15.7
Pitfalls 15.9
Capital gains deferral relief 15.10
Description of relief 15.10
Dividend exemption 15.18
Disposal relief 15.19
Effect on investors of loss of approval by the VCT 15.23
Death of investor 15.25
16 Taxation of Holders of Life Policies
Chris Marshall
Legal General
Onshore life policies 161
Qualifying policies 16 2
Non qualifying policies 16 15
Taxation of life policyholders 16 16
Inheritance tax 16.45
Offshore life policies 16.57
Chargeable gains 16.58
Tax planning 16.60
Inheritance tax 16.61
Personal portfolio bonds 16 62
Definition 16 63
The Willoughby Case 16 64
Taxation of personal portfolio bonds 16 65
Contents
17 Taxation of Pensión Fund Investors
Chris Marshall
Legal (¿ General
Introduction 17.1
Tax treatment of contributions 17.2
Occupational Schemes 17.3
Additional voluntary contributions 17.4
Personal Pensions 17.6
Stakeholder pensions 17.19
Retirement annuities 17.20
Pensión Ufe cover 17.24
Taxation of benefits 17.28
Death benefit 17.29
Lump sum on retirement 17.32
The pensión annuity 17.33
Income drawdown 17.34
Trivial pensions 17.35
AVC surpluses 17.36
Unapproved pensión schemes 17.37
Funded Unapproved Retirement Benefit Schemes 17.38
Unfunded Unapproved Retirement Benefit Schemes 17.39
Inheritance tax on unapproved pensión schemes 17.40
Foreign pensions 17.41
Contributions to foreign pensions 17.41
Foreign pensión benefits 17.43
Pensions and divorce 17.46
Offset 17.47
Earmarking 17.48
Pensión sharing 17.49
Tax planning and pensions 17.52
Personal pensions 17.53
What type of individual pensión? 17.54
Salary Sacrifice 17.55
The Pensions Green Paper 17.59
18 Individual Savings Accounts and Personal Equity Plans
Peter Shipp
PIMA
Background/history 18.1
Origins in PEPs and TESSAs 18.1
Initial ISA proposals 18.2
Original 1999 ISA Regulations 18.3
Subsequent developments 18.4
Sepárate regulations for insurance 18.6
Regulation and guidance 18.7
Tax benefits of PEPs and ISAs 18.8
xxi
Contents
Current ISA subscription limits and structure 18.9
Subscription limits for 2003/4 and beyond 18.9
Mini/maxi/TESSA only subscription rules 18.10
ISA application process 18.14
Written applications 18.14
Applicants with physical or mental incapacity 18.15
Powers of Attorney (PoA) 18.16
Non written applications 18.17
ISA cash component eligible investments 18.18
Deposits 18.18
Unit trusts and OEICs (money market schemes) 18.19
National Savings 18.20
ISA insurance component eligible investments 18.21
Policies of Ufe insurance 18.21
ISA stocks and shares component and PEP eligible investments 18.22
Previous PEP Regulations 18.22
Qualifying shares 18.23
Corporate bonds etc 18.24
Giltsetc 18.25
UK funds unit trusts and OEICS 18.26
Relevant UCITS 18.27
Chapter 5 UCITS 18.28
Investment trusts 18.29
Shares from approved share schemes 18.30
Depository interests 18.31
Historical anomalies (PEP and ISA) 18.32
Historical anomalies (PEP only) 18.33
Other investments that cease to qualify 18.35
Cash 18.36
Purpose for which cash is held 18.37
PEP treatment of interest on cash on deposit 18.39
ISA treatment of interest on cash on deposit 18.40
Investment income 18.41
Dividends and dividend distributions reclaim of tax credits until
6 April 2004 18.41
Interest on corporate bonds and gilts reclaim of income tax 18.42
Insurance ISAs reclaims of tax credits and income tax 18.43
Reclaim procedures 18.44
PEP10/ISA10 interim claims 18.45
ISA14/PEP14 annual return and claims 1846
Withdrawals and transfers 18.47
Cash withdrawals 18.48
In specie withdrawals 18.49
Transfers to/from another manager 18.50
Transfer of whole plan/account 1850
Partial transfers 18 51
Correct procedures 18.52
Implications of incorrect procedures 1856
Closure of PEPs/ISAs 18.57
Contents
Investor chooses to cióse his PEP/ISA 18.57
Other reasons for closure of the PEP/ISA 18.59
Death of an investor 18.60
Voiding PEPs/ISAs 18.65
Reasons to be void 18.65
Simplified voiding to correct manager errors 18.66
Investor errors can now be repaired 18.70
Information reporting by the PEP/ISA manager 18.75
Subscription and other investor information 18.76
19 The Sandler Review
Nathan Hall
Investment Management Association/KPMG
Introduction 19.1
The Review in summary 19.3
Stakeholder producís 19.10
The taxation recommendations in summary 19.14
Tax as an incentive to save 19.15
Matching schemes 19.16
Individual Savings Accounts 19.19
Compulsión 19.22
Specific recommendations medium term retail savings 19.23
Life insurance taxation 19.24
Authorised funds and investment trusts 19.34
Specific recommendations — long term retail savings 19.39
Pensions taxation 19.40
Competition in the pensions industry 19.42
The impact of the report 19.51
Index 475
xxiii
|
| adam_txt |
Contents
Preface, v
About the Authors, vii
Abbreviations, xxv
Table ofStatutes, xxvü
PartI
collective investment vehicles
1 Authorised Unit Trusts and OEICs
Lucy Shirley
Deloitte
Introduction 1.1
A. Regulation 1.4
UK regulation 1.5
European regulation the UCITS Directive 1.9
UK approach to UCITS III 1.22
The UK regulatory environment 1.24
B. History and background 1.35
History of unit trusts 1.35
Reasons for investing in a collective investment scheme 1.38
Factors influencing growth of authorised producís 1.39
C. Structure 1.40
Authorised Unit Trusts 1.40
OEICs 1.47
D. Day to day operation 1.61
Investment restrictions 1.61
Stocklending 1.62
Cash and borrowing 1.63
Pricing 1.64
Single pricing 1.65
Dual pricing 1.66
Dilution levy 1.67
Creation/cancellation 1.68
Equalisation 1.69
Group I/Group II unitholders 1.71
Distribution periods 1.73
Reports, accounts, meetings 1.74
SORPs 1.75
E. Taxation 1.77
Background 1.77
History 1.78
General rules of Corporation tax 1.79
Accounting periods 1.81
Treatment of umbrella funds 1.82
i xi
Contents
Distribution periods 1.83
Specific legislation for authorised unit trusts and OElCs 1.84
Rateof corporation tax 1.85
Income 1 86
Non taxable income 1.87
Taxable income and applicable Schedules 1.88
VAT 1.130
2 Unauthorised Unit Trusts
Rogef Leslie
Ernst Young
Introduction 2.1
What is a unit trust? 2.3
Unauthorised unit trusts 2.8
Accounting for income and capital 2.10
Overview of taxation of UUTs and investors 2.14
Exempt UUTs and non exempt UUTs 2.19
Taxation of income of a UUT 2.23
Relief for expenses 2.26
Charging income tax on capital profits 2.27
(a) Trading profits 2.28
(b) Relevant discounted securities 2.29
(c) Offshore funds 2.30
(d) Accrued Income Scheme ('AIS') 2.31
Inland Revenue view of taxation of UUTs 2.32
Double taxation relief 2.35
Taxation of investors 2.37
Equalisation of income 2.38
Distribution vouchers 2.40
Uncredited surpluses 2.41
The UUT manager 2.47
UUTs and gross pricing 2.50
UUTs and a possible future regime 2.51
3 Stamp Duty and Stamp Duty Reserve Tax
Camilla Spielman
Eversheds
Introduction 3.1
Definition of unit trust scheme and OEIC for Stamp Duty and SDRT 3.2
Unit trust schemes 3.2
OEICs 3.5
Creation and seeding of unit trust schemes and OEICS 3.9
Creation of unit trust schemes and OEICs 3.9
Seeding unit trust schemes 3.10
Seeding OEICs 3.11
Issue of units/shares 3.12
Unit trust schemes 3.12
OEIC 3.13
xii
i
Contents
Acquisition of investments by unit trust schemes/OEICS 3.14
Dealings in units in unit trust schemes and in shares in OEICS 3.15
Outline 3.16
SDRTcharge 3.17
Reduction fractions 3.18
Exempt unit trusts and OEICs 3.23
In specie redemptions 3.26
Fundsoffunds 3.30
Third party transfers 3.31
Third party transfers on the register 3.32
Third party transfers off the register 3.34
Particular types of third party transfer 3.35
Property funds 3.37
Change of trustee/depositary 3.38
Winding up of unit trust schemes and OEICs 3.39
Conversions and mergers 3.40
Individual pensión accounts 3.41
Compliance 3.42
Accountability 3.43
Liability 3.44
Audit 3.46
4 Offshore Funds
Martin Smith and Simón Davies
PricematerhouseCoopers LLP
What is an offshore fund? 4.1
Typical investment structures 4.2
Legal form 4.3
Fund structures 4.7
'Open ended' versus 'closed ended' 4.8
Marketing of offshore funds to UK investors 4.9
Vehicles available in different offshore jurisdictions 4.13
Luxembourg 4.14
Ireland 4.17
Channel Islands 4.21
Cayman Islands 4.22
Other jurisdictions 4.26
Specialist funds 4.27
Taxation of funds 4.38
Basis of taxation 4.38
Direct taxation/corporate tax 4.39
Local asset taxes 4.40
Withholding taxes 4.41
Tax transparent funds 4.42
Treaty access for fund structures 4.43
Treaty shopping and limitation on benefits 4.49
¡ UK tax issues for offshore funds 4.50
Residencyof fund general 4.50
[ xiii
Contents
UK taxatíon of the fund's income and gains 4.60
UK permanent establishment measure of taxable profits 4.74
UK property investment 4.87
Valué Added Tax (VAT) 4.91
VAT issues from the perspective of the UK investment manager of an
offshore fund 4.91
VAT issues from the offshore fund's perspective 4.94
UK offshore fund legislation 4.95
Introduction 4.95
Distributing versus non qualifying offshore funds 4.96
Certification procedure 4.104
Specific issues 4.105
TheFuture 4.111
Consultation process on the offshore funds regime 4.111
UCITSIII 4.113
5 Onshore Limited Partnerships as Investment Funds
John Watson
Ashurst Morris Crisp
The BVCA Memorándum 5.1
The demands which shaped the fund structure 5.5
Why partnerships? 5.10
The requirements for a business 5.14
Avoiding treatment as a unit trust 5.17
Trading for tax purposes 5.21
Whether a prívate equity fund carries on a trade 5.28
Tax transparency 5.35
The principies ofallocation 5.40
Allocations of capital gains 5.48
Profit sharing and contingencies 5.51
Limited partnerships and Valué Added Tax 5.55
BVCA model partnerships 5.56
The general partner 5.57
Carried interest holders 5.62
The investors 5.78
Partnerships as property funds 5.84
LLPs as fund vehicles 5.89
6 Offshore Limited Partnerships as Investment Funds
Patricia Alien
Ashurst Morris Crisp
Introduction 6.1
Tax transparency 6.5
BVCA Memorándum 6.7
FSA authorísation 6.8
Investor preference 6.10
Contents
VAT 6.11
The branch solution 6.12
Going offshore for VAT 6.14
Hybrid structure 6.16
Ensuring that the fund does not have its business in the UK 6.18
Ensuring that the services are not supplied to a fixed establishment in
the UK 6.19
The domestic legislation 6.27
Permanent establishment/branch or agency in UK 6.28
Mezzanine funds 6.32
Withholding tax 6.33
Carried interest in an overseas partnership 6.38
7 Investment Trust Companies
Ian Sayers
AITC
Introduction 7.1
Closed ended 7.2
The structure of investment trusts 7.5
Split capital investment trusts 7.6
The general scheme of taxation 7.8
Obtaining approval as an investment trust 7.9
Granting of approval by the Inland Revenue 7.10
Interaction with corporate tax self assessment 7.11
The exemption from tax on chargeable gains 7.13
ICTA 1988, s 842 7.15
The cióse company test 7.16
The UK residence test 7.18
The income test 7.19
Income 7.20
Wholly or mainly 7.21
Eligible investment income 7.22
Trading subsidiaries 7.43
Underwriting commission 7.44
Offshore income gains 7.45
Income from/not from shares and securíties 7.46
Eligible rental income 7.48
Example of income test 7.49
The investment test 7.50
Introduction 7.50
Holding 7.53
Valué 7.54
Investments 7.55
Additions 7.56
Groups 7.58
Exceptions 7.61
Capitalisation of debts 7.63
Stocklending 7.64
xv
Contents
Scrip (stock) dividends 7.65
Example of the investment test 7.65
The share capital test 7.67
Ordinary share capital 7.68
Listed 7.69
The distribution of surpluses test 7.72
The retention test 7.73
Income versus retained income 7.74
Relaxation of the test 7.76
Prior year adjustments 7.78
Example of retention test 7.78
Acquisitions, mergers and reconstructions 7.79
General principies 7.79
Transfer of business 7.80
Stamp duty 7.82
VAT 7.83
Treasury shares 7.85
Section 842 considerations 7.87
8 Venture Capital Trusts
David CartTPñght
PricetpaterhouseCoopers LLP
History 8.1
Tax breaks for investors 8.4
Professionally managed funds 8.6
Size of the sector 8.7
Taxation of VCTs 8*8
Obtaining and maintaining VCT approval 8.9
Conditions for full approval 8.9
Conditions for provisional approval 8.11
Where further share issues take place 8.13
Applications for approval 8.14
Valuation of investments 8.16
Potential problem áreas with VCT compliance and inadvertent
breaches 8.18
Potential problem áreas with VCT compliance 8.18
Inadvertent breaches 8.22
Returns to be made to the Inland Revenue 8.23
Inland Revenue structure and organisation for VCTs 8.24
Likely future developments 8.26
9 Mergers and Reconstructions of Funds
Camilla Spielman
Eversheds
Reasons for mergers and reconstructions 9.1
UK open ended funds 9.2
Contents
Offshore open ended funds 9.3
Investment trusts 9.4
UK open ended funds 9.5
Background and basic outline of schemes of merger and
reconstruction 9.5
Mergers 9.8
Conversions 9.29
Other forms of reconstruction 9.49
Offshore open ended funds 9.57
Background and basic outline of schemes of merger and
reconstruction 9.58
Mergers and reconstructions 9.61
Investment trusts 9.73
Background and basic outline of schemes of merger and
reconstruction 9.74
Reconstructions 9.76
Mergers 9.87
10 Pensión Fund Pooling Vehicles
John Watson
Ashurst Morris Crisp
Overview 10.1
The Regulations 10.7
Collection of tax from PFPV 10.13
Claims mechanisms 10.15
Valué added tax 10.17
Stamp duty and stamp duty reserve tax 10.19
Conclusión 10.22
11 Foreign Taxes
Eliza Dungrvorth and Oliver Farnworth
Deloitte
Introduction 11.1
UK relief for foreign taxes 11.2
The UK legislative framework 11.3
Definitions 11.5
Creditable foreign taxes 11.6
The residence requirement 11.9
Residence of collective investment schemes 11.10
Source of income general rules 11.11
The UK income requirement 11.12
Calculation of credit relief 11.13
Expense relief 11.16
Tax sparing relief 11.17
Loan relationships 11.18
Dividends and relief from underlying tax 11.20
xvü
Contents
Eligible unrelieved foreign tax provisions applicable to collective
investment schemes 11.21
Inland Revenue guidance on double taxation relief 11.22
Application to investment funds 11.23
Authorised unit trusts, OEICs and investment trusts 11.24
Unauthorised unit trusts 11.26
Pensión fund pooling schemes 11.28
Treatyaccess 11.29
UK tax treaties 11.30
Persons covered 11.31
Authorised unit trusts 11.32
Open ended investment companies 11.35
Investment trusts 11.36
Unauthorised unit trusts 11.37
Partnerships 11.38
Venture capital limited partnerships 11.40
European Economic Interest Groupings 11.41
Charities 11.43
Pensión schemes 11.45
Pensión fund pooling schemes 11.46
Offshore funds 11.47
Overseas tax reclaims (commentary) 11.48
Minimisation of foreign tax 11.49
Management of foreign taxes 11.52
Treaty forms 11.53
Obtaining certification of residence from the Inland Revenue 11.54
The US Qualified Intermediary Regulations status of investment
funds 11.55
Background 11.55
Application to collective investment schemes 11.56
The French 'avoir fiscal' 11.57
Overview 11.57
Entitlement to the 'avoir fiscal' under the UK France double taxation
treaty 11.60
'Avoir fiscal' rates 11.64
Withholding tax 11.65
Recovery of the 'avoir fiscal' 11.66
Tax and accounting treatment in the hands of a UK investor 11.67
Equalisation tax ('precompte') 11.68
Impact of new UK/US treaty on UK investment funds 11.69
Persons covered 11.70
Limitation of benefits (Arricie 23) 11.73
Dividends (Arricie 10) 1181
Interest (Arricie 11) 11.82
Capital gains (Arricie 13) 11.83
Japanese government bonds status of investment fund holders 11.84
Eligibility of investment funds 11 85
Taxation of foreign scrip dividends in the UK 11.86
Contents
Part II
Taxation of Investors
12 Authorised Unit Trusts and OEICs
Lucy Shirley
Deloitte
Introduction 12.1
Taxation of UK residents 12.2
Taxation ofindividuals 12.2
Taxation of corporates 12.17
Taxation of Non Residents 12.24
Taxation of individuáis 12.24
Taxation of corporates 12.28
Stamp duty 12.29
Saving for children 12.30
Savings Tax Directive 12.32
What is reportable? 12.34
Who is reportable? 12.36
What impact does it have on the investor? 12.37
13 Offshore Funds
Martin Smith and Simón Davies
PricewaterhouseCoopers LLP
Offshore fund rules 13.1
Introduction 13.1
Definition of an offshore fund 13.3
Occasion ofcharge 13.10
Taxation of income 13.10
Taxation of capital gains 13.17
Transparent funds 13.37
Death of an investor inheritance tax 13.40
Taxation of onshore versus offshore investment 13.41
Offshore Funds — Technical Áreas 13.42
Transfer of assets abroad ICTA 1988, ss 739 740 13.42
Allocation of underlying capital gains TCGA 1992, s 13 13.45
Controlled Foreign Companies (CFCs) ICTA 1988, Part XVII,
ChapterlV 13.56
Impact of the loan relationship rules FA 1996, Schedule 10 13.61
Taxation of Life Companies 13.63
The Future 13.71
Information reporting and the Savings Directive 13.71
14 Investment Trust Shareholders
Ian Sayers
AITC
Introduction 14.1
xix
Contents
Split capital investment trusts |4 2
Annuity income shares
Warrants
Sale 49
Exercise
Abandonment
Buy back
Taper relief and investment trust savings schemes
A Basic Guide to the Calculation of Capital Gains on an Investment
Trust Savings Scheme 14.15
Share buy backs 14 20
15 Venture Capital Trusts
Philip Haré
PricewaterhouseCoopers LLP
Investors' tax reliefs 15.1
'Front end' tax reliefs 15.2
Other reliefs 15.3
'Front end' income tax relief 15.5
Description of relief 15 5
Eligibility 15.7
Pitfalls 15.9
Capital gains deferral relief 15.10
Description of relief 15.10
Dividend exemption 15.18
Disposal relief 15.19
Effect on investors of loss of approval by the VCT 15.23
Death of investor 15.25
16 Taxation of Holders of Life Policies
Chris Marshall
Legal General
Onshore life policies 161
Qualifying policies 16 2
Non qualifying policies 16 15
Taxation of life policyholders 16 16
Inheritance tax 16.45
Offshore life policies 16.57
Chargeable gains 16.58
Tax planning 16.60
Inheritance tax 16.61
Personal portfolio bonds 16 62
Definition 16 63
The Willoughby Case 16 64
Taxation of personal portfolio bonds 16 65
Contents
17 Taxation of Pensión Fund Investors
Chris Marshall
Legal (¿ General
Introduction 17.1
Tax treatment of contributions 17.2
Occupational Schemes 17.3
Additional voluntary contributions 17.4
Personal Pensions 17.6
Stakeholder pensions 17.19
Retirement annuities 17.20
Pensión Ufe cover 17.24
Taxation of benefits 17.28
Death benefit 17.29
Lump sum on retirement 17.32
The pensión annuity 17.33
Income drawdown 17.34
Trivial pensions 17.35
AVC surpluses 17.36
Unapproved pensión schemes 17.37
Funded Unapproved Retirement Benefit Schemes 17.38
Unfunded Unapproved Retirement Benefit Schemes 17.39
Inheritance tax on unapproved pensión schemes 17.40
Foreign pensions 17.41
Contributions to foreign pensions 17.41
Foreign pensión benefits 17.43
Pensions and divorce 17.46
Offset 17.47
Earmarking 17.48
Pensión sharing 17.49
Tax planning and pensions 17.52
Personal pensions 17.53
What type of individual pensión? 17.54
Salary Sacrifice 17.55
The Pensions Green Paper 17.59
18 Individual Savings Accounts and Personal Equity Plans
Peter Shipp
PIMA
Background/history 18.1
Origins in PEPs and TESSAs 18.1
Initial ISA proposals 18.2
Original 1999 ISA Regulations 18.3
Subsequent developments 18.4
Sepárate regulations for insurance 18.6
Regulation and guidance 18.7
Tax benefits of PEPs and ISAs 18.8
xxi
Contents
Current ISA subscription limits and structure 18.9
Subscription limits for 2003/4 and beyond 18.9
Mini/maxi/TESSA only subscription rules 18.10
ISA application process 18.14
Written applications 18.14
Applicants with physical or mental incapacity 18.15
Powers of Attorney (PoA) 18.16
Non written applications 18.17
ISA cash component eligible investments 18.18
Deposits 18.18
Unit trusts and OEICs (money market schemes) 18.19
National Savings 18.20
ISA insurance component eligible investments 18.21
Policies of Ufe insurance 18.21
ISA stocks and shares component and PEP eligible investments 18.22
Previous PEP Regulations 18.22
Qualifying shares 18.23
Corporate bonds etc 18.24
Giltsetc 18.25
UK funds unit trusts and OEICS 18.26
Relevant UCITS 18.27
Chapter 5 UCITS 18.28
Investment trusts 18.29
Shares from approved share schemes 18.30
Depository interests 18.31
Historical anomalies (PEP and ISA) 18.32
Historical anomalies (PEP only) 18.33
Other investments that cease to qualify 18.35
Cash 18.36
Purpose for which cash is held 18.37
PEP treatment of interest on cash on deposit 18.39
ISA treatment of interest on cash on deposit 18.40
Investment income 18.41
Dividends and dividend distributions reclaim of tax credits until
6 April 2004 18.41
Interest on corporate bonds and gilts reclaim of income tax 18.42
Insurance ISAs reclaims of tax credits and income tax 18.43
Reclaim procedures 18.44
PEP10/ISA10 interim claims 18.45
ISA14/PEP14 annual return and claims 1846
Withdrawals and transfers 18.47
Cash withdrawals 18.48
In specie withdrawals 18.49
Transfers to/from another manager 18.50
Transfer of whole plan/account 1850
Partial transfers 18 51
Correct procedures 18.52
Implications of incorrect procedures 1856
Closure of PEPs/ISAs 18.57
Contents
Investor chooses to cióse his PEP/ISA 18.57
Other reasons for closure of the PEP/ISA 18.59
Death of an investor 18.60
Voiding PEPs/ISAs 18.65
Reasons to be void 18.65
'Simplified voiding' to correct manager errors 18.66
Investor errors can now be repaired 18.70
Information reporting by the PEP/ISA manager 18.75
Subscription and other investor information 18.76
19 The Sandler Review
Nathan Hall
Investment Management Association/KPMG
Introduction 19.1
The Review in summary 19.3
Stakeholder producís 19.10
The taxation recommendations in summary 19.14
Tax as an incentive to save 19.15
Matching schemes 19.16
Individual Savings Accounts 19.19
Compulsión 19.22
Specific recommendations medium term retail savings 19.23
Life insurance taxation 19.24
Authorised funds and investment trusts 19.34
Specific recommendations — long term retail savings 19.39
Pensions taxation 19.40
Competition in the pensions industry 19.42
The impact of the report 19.51
Index 475
xxiii |
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