Offshore fund meaning

What is an offshore fund? This flowchart explains the process for assessing if a fund is treated as an offshore fund for UK tax purposes. For further detail on the elements comprising the definition of an offshore fund, see Practice Note: Tax and offshore funds—what is an offshore fund? What is an offshore fund?...

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An individual is treated as UK domiciled where, although they are domiciled outside the UK under the common law principles outlined in Practice Note: Domicile for UK tax purposes before 6 April 2025 [Archived], a statutory rule nevertheless treats them as domiciled for one or more tax purposes. This Practice Note looks only at the deemed domicile provisions that came into force on 6 April 2017, and insofar as they apply to individuals. For details of the deemed domicile rules in place before that date, see Practice Note: Deemed domicile for tax before 6 April 2017 [Archived]. In contrast to domicile at common law, deemed domicile is not inherited from parent to child. For information on the regime brought in by the Finance Act 2013 allowing a non-UK domiciled spouse or civil partner of a person domiciled in the UK to elect to be treated as UK domiciled for IHT purposes, see Practice Note: IHT issues for mixed domicile spouses and civil partners before 6 April 2025 [Archived]. For guidance...

A trust is a legal arrangement created either during life by gift or on death, where an individual (the settlor) passes assets to one or more people (the trustees) to hold for beneficiaries or for a defined purpose. Depending on the terms of the trust deed, the trustees may simply retain the assets until a future event occurs, or they may invest them so that the beneficiaries can receive value from the fund, typically as distributions of capital or as income generated by the investments. Benefits may arise on the happening of a condition or over time, according to the instrument. A trust therefore involves three roles: settlor, trustees and beneficiaries. It rests on equitable principles under which legal title to property is distinct from beneficial ownership, and the trustee owes a duty of care to the beneficiaries. When a trust is established, the trustees take legal ownership of the trust property, whilst beneficial ownership lies with the beneficiaries in whose favour the trustees must act as required under the...

An offshore unauthorised property unit trust provides a means to hold UK real estate as an investment. These trusts are most often set up in the Channel Islands—typically Jersey or Guernsey—or in the Isle of Man, though they can also be constituted under the laws of another non-UK jurisdiction. This Practice Note describes such property unit trusts, wherever formed, as JPUTs (reflecting the prevalence of Jersey property unit trusts). For the purposes of this Practice Note, it is assumed that a JPUT holds UK real estate as an investment and not as trading stock. For an explanation of that distinction, see Practice Note: Dealing in property or property investment? Historically, JPUTs were favoured because UK real estate could be transferred into a JPUT without incurring stamp duty land tax (SDLT). That treatment arose under a specific exemption called ‘seeding relief’, which was withdrawn with effect from 22 March 2006, as noted in Practice Note...

This Deed is executed on [ date ] Parties [ insert name ] of [ insert address ] and [ insert name ] of [ insert address ] (the Retiring Trustees) [ insert name ] of [ insert address ] and [ insert name ] of [ insert address ] (the New Trustees) Background This Deed is supplemental to: (i) a trust (the Trust) dated [ insert date ], entered into between [ insert name ] (1) and [ insert name ] and [ insert name ] (2) (the Trust Deed); and (ii) the deeds and events described in Schedule 1 The Retiring Trustees are, at present, the trustees of the Trust. Pursuant to clause [ insert number ] of the Trust Deed, the Retiring Trustees have authority to appoint new or additional trustees of the Trust. ...

This Deed is entered into on [ date ] Parties [ Insert name ] of [ insert address ] together with [ insert name ] of [ insert address ] (the Appointor); [ Insert name ] of [ insert address ] and [ insert name ] of [ insert address ] (the Outgoing Trustees); and [ Insert name ] of [ insert address ] alongside [ insert name ] of [ insert address ] (the New Trustees). Background This Deed is supplemental to: (i) a trust (the Trust) dated [ insert date ], created between [ insert name ] (1) and [ insert name ] and [ insert name ] (2) (the Trust Deed); and (ii) the deeds and events set out in Schedule 1. The Outgoing Trustees are currently the trustees of the Trust. The Appointor is currently the Appointor of the Trust...

Amendments to the International Tax Compliance Regulations 2015 (2015 regs), SI 2015/878, introduced by the International Tax Compliance (Amendment) Regulations 2025, SI 2025/740, have brought in a compulsory Automatic Exchange of Information (AEOI) registration obligation for certain trusts treated as ‘specified non-reporting financial institutions’. Under the 2015 regs, SI 2015/878, reg 24(1), a specified non-reporting financial institution is ‘a non-reporting financial institution which is a trust within the meaning of Section VIII(B)(1)(e) of the CRS or paragraph II(D) of Annex II to the FATCA agreement’. Set out below is a concise overview of the components of that definition. Financial institution (IEIM400610) The FATCA and CRS frameworks recognise four common categories of Financial Institution: custodial institution depository institution investment entity specified insurance company Where a private trust satisfies any Financial Institution definition, it will most commonly be treated as an Investment Entity...